The Export and Investment Fund of Denmark (EIFO) will provide a project finance guarantee of EUR 800 million (DKK 5.967bn) to finance Baltica 2 offshore wind farm
EIFO, the national promotional bank and export credit agency of Denmark, will participate in the senior financing of the 1,498MW Baltica 2 offshore wind farm developed by Ørsted and PGE.
Championing Danish interests
Alongside helping to facilitate the European green energy transition, EIFO’s commitment to Baltica 2 will also enhance the significant Danish footprint in the project. This includes large export contracts for Siemens Gamesa Renewable Energy, Semco Maritime, and Cadeler, with significant Danish content.
Accelerating the transition
The total financing package, delivered by a combination EIFO, EIB & EBRD and a consortium of international banks, will support the development of Baltica 2 project, which will contribute to Poland’s target of 5.9 GW installed offshore wind capacity by 2030.
Located in Polish waters, close to Danish shores, Baltica 2, which is being constructed by market-leading energy developers, Denmark’s Ørsted, and PGE from Poland, is the second Baltic wind farm to be financed by EIFO. It follows EIFO’s December 2023 commitment to provide EUR 1 billion of financing for a 1,140MW offshore wind project in the Baltic Sea called Baltic Power.
With the signing of this second agreement, EIFO demonstrates a continued commitment to helping Poland to transition away from a historical dependence on coal, towards a future of clean and secure energy supply.
Cutting-edge innovation
Speaking on the announcement, EIFO’s CCO Peter Boeskov said: “This financing agreement highlights EIFO’s strategy in action: providing ambitious financing to support the development of innovative and impactful green energy projects, while simultaneously advancing the economic interests of Danish exporters. We are delighted to be working together with two leaders in the energy transition on the development of this significant offshore wind farm, helping to maximise the potential of wind power generation.”
