Bank Pekao S.A. is among the Polish and international institutions that will finance the Bałtyk 2 and Bałtyk 3 wind farms with over 6 billion euros. These wind farms have a total capacity of 1440 MW, which can provide green energy to over 2 million households in Poland. This is one of the largest infrastructure projects in Poland's history.
Polenergia and Equinor are the two key companies involved in the development of offshore wind energy in Poland. They have entered into a joint venture agreement to develop, build, and operate offshore wind farms with a capacity of 2 x 720 MW (a total of 1440 MW).
The Bałtyk 2 and Bałtyk 3 farms are among the first offshore wind farms being built in Poland. They will be located in the Polish exclusive economic zone of the Baltic Sea, about 20-30 kilometers from the Polish coast, near Ustka and Łeba. The farms are expected to start producing energy in 2027 and reach full operational capacity in 2028.
"Poland is one of the most important offshore development markets in Europe. Polenergia and Equinor represent a new chapter in the development of offshore wind farms. We are pleased to participate in the largest financing in Poland's history, which is crucial for the country's energy transformation," said Dieter Lobnig, Director of the Investment Banking and Real Estate Financing Department at Bank Pekao.
Bank Pekao S.A., founded in 1929, is one of the largest financial institutions in the CEE region and the second largest universal bank in Poland, with assets of PLN 333 billion. The bank has the second largest branch network in the country. It is a leader in corporate banking, serving every second among largest corporates in Poland. Pekao holds a prominent position in the market for asset management, brokerage services, and private banking. The diversified business profile of Bank Pekao is supported by a market-leading balance sheet and risk profile, reflected in the lowest risk costs, strong capital ratios, and resilience to macroeconomic conditions (Pekao is the most resilient bank in Europe, taking first place in the stress tests conducted by the EBA in 2023 among 70 banks). Since 1998, Bank Pekao has been listed on the Warsaw Stock Exchange and has been a member of several local indices (including WIG 20 and WIG) as well as international indices (including MSCI EM, Stoxx Europe 600, and FTSE Developed). Pekao is among top dividend-paying companies listed in Warsaw, with a total shareholder pay-out of nearly PLN 20bn over the past 10 years.
