Northland Power and its partner, Orlen S.A., announced that its 1.1 GW Baltic Power offshore wind project in Poland has signed a credit agreement to secure $5.2 billion of non-recourse green financing with a 20-year term. This project financing amount represents 80% of Baltic Power’s $6.5 billion projected total capital cost.
Non-recourse financing is a commercial loan that entitles Northland Power only to repay the loan from the project’s profits and not from any of its other assets. Financing for the project will be provided by 25 international and local commercial banks and Export Credit Agencies.
“This financing is Northland’s first offshore wind project in Poland. Once operational, Baltic Power will be Northland’s fourth offshore wind project in Europe and will provide significant high quality, inflation-protected, long-term contracted Adjusted EBITDA, and Free Cash Flow to our business and shareholders,” said Pauline Alimchandani, Northland’s CFO.
The Baltic Power project is located in the Baltic Sea, approximately 22 km off the Polish coast near Plaza Wydmy Lubiatowskie. The project will nearly double Northland Power’s gross installed offshore wind capacity from 1.2 GW to 2.3 GW.
Northland Power has obtained all necessary environmental approvals and major construction permits. Construction has since commenced, with full commercial operation projected to begin in late 2026. Once operational, the project will provide clean energy to more than 1.5 million Polish households and is expected to reach 11 GW of installed capacity of offshore wind energy by 2040.