The European Investment Bank (EIB) saif it has signed an agreement to provide €700 million for the construction of two large-scale offshore wind farms developed by Norway’s Equinor and Poland’s Polenergia off the Polish coast of the Baltic Sea.

The twin Bałtyk 2 and Baltyk 3 wind farms will have a shared capacity of 1.44 GW and are expected to go online fully in 2028.

EIB Vice-President Teresa Czerwińska said: “Bałtyk 2 and Bałtyk 3 are important projects for Poland’s decarbonisation plans as they will produce enough clean electricity to meet annual demand of two million households.

“The European Investment Bank has provided €350 million for each wind farm, which makes us the biggest lender by far among some 30 financial institutions involved.

“This is the EIB’s third major renewables investment in Poland only this year and our third financing for Polish offshore wind farms in the Baltic Sea in general, which highlights our dedication to developing green energy in Poland as a prerequisite for both economic competitiveness and security.”

Located 30 kilometres off the Polish coastal towns of Ustka and Łeba, the two fixed-bottom wind farms will consist of a hundred wind turbines of 14.4 MW each.