SSW advised Baltic Power on financing and developing Poland’s first offshore wind project SSW Pragmatic Solutions advised Baltic Power, a JV owned by the ORLEN Group and Northland Power, on the first offshore project finance transaction on the Polish market. Over EUR 4.4 billion in financing will be provided by a group of 25 financial institutions, encompassing both Polish and international commercial banks, export credit agencies (ECAs), and multilateral institutions, including the European Investment Bank (EIB), European Bank for Reconstruction and Development (EBRD), Euler Hermes, Export and Investment Fund of Denmark, and Export Development Canada. The project financing accounts for 80% of the expected total capital costs, with the project partners contributing the remaining capital. Baltic Power is the most advanced offshore wind project in Poland. The project has successfully secured contracts for all key components, including turbines, offshore and onshore substations, cables, and foundations, and their respective manufacturing, transport and installation works. It also holds all of the necessary construction permits for the offshore and onshore parts of the project. The farm will be located approximately 23 kilometres off the coastline, near to Łeba and Choczewo. It is designed to comprise 76 state-of-the-art wind turbines, each with a unit capacity of 15 MW. Upon completion in 2026, the Baltic Power wind farm will start producing electricity to power over 1.5 million households. The overall project budget is estimated at approximately EUR 4.73 billion. Construction of the windfarm will commence in 2023, and the project is expected to become operational in 2026. SSW has also assisted Baltic Power since 2021 with the project development phase and represented the client in negotiations of construction (EPCI) contracts. The multi-practice SSW team which advised on the project development and the transaction was coordinated by Hubert Wysoczański and led by partners Ilona Fedurek (Finance), Dominik Strzałkowski (Energy), Katarzyna Solarz-Włodarska (Corporate) and Hubert Wysoczański (Construction and EPCI contracts negotiations). Hubert heads the infrastructure practice. He also supports the dispute resolution and energy teams. He specialises in advising on civil, commercial and administrative issues, as well as contract negotiations and infrastructure projects. He represents clients in disputes before courts and in national and international arbitration. In particular, he deals with legal issues concerning construction, infrastructure, energy, environmental protection and public procurement. He is an expert in construction contracts and the FIDIC Contract Conditions. He is a Consulting Engineer – a member of the Association of Consulting Engineers and Surveyors (SIDiR) – the only organisation in Poland which is a member of FIDIC. He has advised clients on over 100 multi-million dollar infrastructure projects with a combined value of over USD 40 bn. He has extensive experience on projects including motorways, expressways, railways, oil & gas installations, conventional power plants, power lines, offshore and onshore wind farms, photovoltaics, mines, airports and commercial properties. ANSKI Finance Monthly Deal Maker Awards 2024. POLAND 55
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