Baltic Power reaches financial close
Published by Theodore Reed-Martin,
Editorial Assistant
Energy Global,
Northland Power Inc. has announced that its Baltic Power offshore wind project in Poland has met all conditions and reached financial close for its 20-year CAD-equivalent US$5.2 billion non-recourse green financing.
A consortium of 25 financial institutions is supporting the project, including the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), Euler Hermes, Export and Investment Fund of Denmark and Export Development Canada.
Baltic Power will play an important role in helping the Polish government achieve its renewable energy target where installed capacity of offshore wind energy is expected to reach up to 11 GW by 2040. Once operational, Baltic Power is expected to provide clean energy to more than 1.5 million Polish households annually.
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Energy Global's Autumn 2023 issue
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Read the article online at: https://www.energyglobal.com/wind/27092023/baltic-power-reaches-financial-close/
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