Bank Pekao S.A. is the facility agent and security agent for the institutions financing the Baltic Towers investment. Up to EUR 140 million will be allocated to the construction of the largest offshore wind tower factory in Europe. Additionally, Bank Pekao S.A. has provided the company with a VAT facility. Pekao Investment Banking served as the financial advisor and funding arranger for the project.
The Baltic Towers investment is a key element in Europe’s energy transition. The company was established in 2023 as a joint venture between the Polish Industrial Development Agency (ARP) and Spanish company GRI Renewable Industries. The investment project—construction of the wind tower factory—is located on Ostrów Island in Gdańsk, Poland.
“We are pleased that Baltic Towers has entrusted us with this significant project, recognizing our competence and experience. It is a major undertaking, crucial for Poland’s energy security. We are proud to be part of it, supporting the country’s energy transition,” said Dieter Lobnig, Head of the Investment Banking and Real Estate Financing Department at Bank Pekao.
“We are delighted to report the successful completion of the project financing process for Baltic Towers—one of the most advanced factories producing offshore tower sections in Europe. This success is the result of effective collaboration with a diverse consortium of financial institutions—both domestic and international, commercial and public, which highlights the strategic importance of the project as well as its strong market foundations,” added Monika Karolak, Managing Director at Pekao Investment Banking.
“We extend our sincere thanks to the owners and all parties involved for their dedication and unwavering commitment throughout the investment process and in securing the necessary financing,” said Marcin Jackowicz, CFO of Baltic Towers.
The project stands out not only for its scale, but also for its innovative and highly complex financing structure, made possible through the collaboration of a unique consortium: Poland’s National Fund for Environmental Protection and Water Management (NFOŚiGW), Japan’s Sumitomo Mitsui Banking Corporation (SMBC), Spain’s development agency Cofides, and Bank Pekao, which is acting as the VAT facility provider as well as the Facility and Security Agent.
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 above PLN 20bn over the past 10 years.
