Norton Rose Fulbright has advised PGE Polska Grupa Energetyczna on the EUR 3 billion financing of its stake in the 1.5-gigawatt Baltica 2 offshore wind project, located off the Polish coast between Ustka and Choczewo. Clifford Chance advised the lenders.
According to Norton Rose Fulbright, this multi-sourced financing – arranged by 25 international and domestic financial institutions, including Bank Gospodarstwa Krajowego, the EIB, the EBRD, and ING Bank, with additional backing from the EIFO – forms part of the first phase of Poland’s offshore wind program.
Moreover, according to Norton Rose Fulbright, Baltica 2 is structured as holdco financing using a multi-contracting approach and complies with the Green Loan Principles. The project is a 50/50 joint venture between PGE and Orsted, involves 107 wind turbines to achieve a proposed capacity of 1498 gigawatts, and is expected to produce up to 4 terawatt-hours of electricity annually – enough to power approximately 2.5 million households.
The Norton Rose Fulbright team included Warsaw-based Partner Tomasz Rogalski, Counsels Krzysztof Gorzelak, Artur Jonczyk, Krzysztof Jasinski, and Jan Wszolek, Senior Associates Daniel Popek, Igor Kondratowicz, and Cezary Zawislak, Associates Karolina Lepakiewicz, Karolina Majcher, Jakub Wiatrzyk, Daniel Ksiazek, Izabela Kregiel, Przemyslaw Piasecki, Dominika Wojtkowska, Michal Rutkowski, Paula Stepien, Mateusz Czuba, Martyna Orlowska, Aleksandra Szostak, Jan Nowjalis and Damian Pawlak, and Lawyers Antoni Krzyzanowski, Wiktoria Jadczak, Natalia Rybak, Bartosz Odziemkowski, Nina Strzelczyk, Mikolaj Wolczynski, and Mikolaj Rydzewskim as well as further team members in Singapore, the UK, Belgium, and France.
The Clifford Chance team included Partners Irena Floras-Goode, Florian Mahler, Pawel Puacz, Andrzej Stosio, and Adelina Prokop, Senior Counsel Sandrine Colletier, Counsel Piotr Bogdanowicz, Senior Associates Maksymilian Jarzabek, Wojciech Wator, Agnieszka Kozikowska, Bartosz Zielinski, Aleksandra Bartoszewicz, Adrian Krol, Arkadiusz Walkowicz, and Artur Gladysz, Associates Piotr Weclawowicz, Marius Fritz, Brianna Harcus, Joanna Korycinska, Zarina Tuliszka, Julia Rychlinska, and Oskar Ratajczak, and Trainee Lawyers Natalia Zan and Jeffrey Arthur.
