Advising and financing one of the world’s largest offshore wind projects, crucial to Poland's energy transition

Poland’s strong belief in offshore wind opportunities

To succeed in its energy transition, Poland needs to reduce emissions while ensuring greater diversification and independence, making the best use of its own resources. To do this, it sees huge opportunities in offshore wind development. As a renewable energy source, offshore wind has a key role to play in changing Poland's energy mix. As an indigenous source of energy, it has become crucial for strengthening energy self-sufficiency and for building and maintaining the country's energy security. 

One of the world’s largest and sustainable wind projects…

With a view to answer its energy transition ambitions, Poland will be home to the Baltica offshore wind farm program, one of the largest offshore wind projects in the world. Poland’s largest energy supplier PGE and Danish global leader in offshore wind Ørsted have joined forces to build and operate it in the Polish part of the Baltic Sea. By the end of 2027 an offshore wind farm Baltica 2 with capacity of 1.5 GW will be delivered. This is the largest offshore investment in Poland to date. 

The offshore wind farms and their onshore infrastructure have been designed with respect for the natural and historical heritage and in a dynamic of open dialogue with all stakeholders (local communities, authorities, environmental organisations, fishermen's organisations...). The program has been designed and is being implemented with the environment in mind. Measures have been taken to minimise onshore and offshore impacts, such as: a minimum distance of 40 km between the nearest turbines and the coast, migration corridors to help a species of duck reach its feeding grounds, and the design of cable routes under the seabed and underground so as not to adversely affect areas of interest to local people and tourists...

… Delivering environmental and economic benefits

Once operational, Baltica 2 will be instrumental in transforming Poland's energy sector towards a low-carbon economy. It will provide nearly 2.5 million Polish households with access to clean, affordable and reliable energy. It will enable a significant reduction in carbon dioxide emissions, estimated at over 4 million tonnes of CO₂ per year. The project will also bring social benefits. In the municipality of Choczewo, where the land infrastructure necessary for the wind farms to operate is located, investments will be made to modernise and expand its waterworks. The construction work will create jobs and boost local businesses. In addition, potential tax revenues could be generated and used to finance important local infrastructure or projects.

Societe Generale acted as Exclusive Financial Advisor, Mandated Lead Arranger, Interest Rates Pre-Hedging Bank and Hedging Bank for PGE on Baltica 2. This transaction is a major testimony of the Group’s position as an expert in offering sustainable financial instruments to help clients in their green transition. This is also a perfect example of the strength of the Bank’s synergies, as it mobilised different expertise, in different geographies.