Crédit Agricole CIB accompagne Equinor et Polenergia dans le financement des projets éoliens polonais offshore Baltyk II et III
Cette opération marque la troisième et quatrième intervention de Crédit Agricole CIB dans l’éolien offshore polonais dans le cadre du premier cycle non concurrentiel d’appel d’offres et consolide plus encore ses relations de longue date avec Equinor et Polenergia/Brookfield.
Crédit Agricole CIB is proud to have supported Equinor and Polenergia in the successful Financial Close of the Baltyk II and Baltyk III offshore wind projects. The projects are located in Poland and will be developed by Equinor (majorly owned by the Government of Norway) and Polenergia (backed inter alia by Brookfield). These two greenfield projects, with a combined capacity of 1.44 GW, represent a major step forward in the country’s renewable energy transition.
The transactions closed simultaneously in May 2025, making it Poland’s largest ever project financing. The projects were each awarded a 25 year Contract for Difference, enhancing the predictability of revenues (guaranteed under a set price for the volume of electricity produced) and thereby the bankability of offshore wind developments in Poland. The projects are expected to generate enough electricity to power around 2 million Polish households, contributing meaningfully to national decarbonisation targets.
Crédit Agricole CIB successfully acted as Mandated Lead Arranger, Agent, and Hedging Bank for these transactions. These operations reflect the Group’s strong commitment to financing the energy transition and supporting its clients’ strategic ambitions.
The final lender group includes a wide consortium of international commercial banks, as well as key institutional and export credit agencies, demonstrating the significant market appetite for renewable energy assets in Central and Eastern Europe.
This transaction marks CACIB’s third and fourth involvement in Polish offshore wind, as part of the first non-competitive round of lease/CfD, and further consolidates its long-standing relationships with Equinor and Polenergia/Brookfield.
We would like to thank all stakeholders involved for their dedication and close coordination across all teams throughout the process, particularly in the final stages of the transaction.
"Crédit Agricole CIB is proud to act as Mandated Lead Arranger, Agent, and Hedging Bank for the Baltyk II and III offshore wind projects. These projects, with a combined capacity of 1.44 GW, mark a significant step in Poland's energy transition and decarbonization efforts. These landmark transactions demonstrates our expertise in structuring complex energy financings and our commitment to sustainable finance solutions. We are honored to support Equinor and Polenergia in delivering these transformative renewable energy developments that will substantially contribute to Poland's clean energy future."
Thomas Ragot
Head of Power & Utilities EMEA
"CACIB has been delighted to have supported the sponsors in delivering innovative and efficient hedging strategies on this landmark transaction. Anticipating the management of market exposures early in the process and lock parameters prior to the closing have emerged as the prevailing trend in the offshore wind project financings, given current volatility in Rates & FX markets. CACIB is proud to have delivered and contributed to the success of this transaction."
Claudia Benichou
Head of France & Global Head of Sales for Structured Finance Hedging
“We are delighted to have supported the development of the Baltyk II and III offshore wind projects which will have the capacity to power 2 million homes in Poland. This project financing, Poland’s largest ever, demonstrates CA-CIB’s commitment to the renewable energy sector and recognises the importance of Infrastructure Investors, such as Brookfield, in delivering society’s clean energy needs.”
Henry Manson
Infrastructure Coverage – Europe
"Equinor has ambitions to be a leading company in the energy transition and to achieve net zero emissions in 2050. Over the last years CACIB has instrumental in several of the renewable projects Equinor have developed, and we are delighted to again have supported them in connection with the Baltyk II and III offshore wind projects This achievement is thanks to our capabilities across different product teams. Seamless cooperation between business lines, risk, support functions, management and coverage has enabled perfect delivery and cross-selling.”
Sverre Sivertsen
Senior Banker
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