Northland Power announces offshore wind project financial close

By: Chloe Emanuel 25/09/2023 Northland Power

General Windfarms

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 $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.

For more information about offshore wind farm projects across the globe, click here.

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Northland Power announces offshore wind project financial close

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