Press release

CaixaBank participates in the financing of Baltic Power, Poland’s first offshore wind farm

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Offshore wind farm.

• With this deal, CaixaBank will enter the offshore wind farm market in Poland, which has a strong potential for growth in the coming years.

• Baltic Power is the most advanced offshore wind farm project in Poland. It will have a maximum capacity of 1,200 MW and it is expected to be operational in 2026.

 

CaixaBank has participated in the financing of Baltic Power’s offshore wind farm in Poland, supported by ORLEN and Northland Power.  With this deal, CaixaBank enters the Polish market of offshore wind farm projects, which has a strong potential for growth in the coming years amid the country’s strategy to decarbonize its energy mix. 

The overall project budget is estimated at about €4.73bn and includes capital expenditures of approximately €4.05bn, as well as financing costs and an additional reserve. The lending consortium, in which CaixaBank is the Spanish bank with the highest take, comprises 25 Polish and international 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.

Baltic Power’s Polish offshore wind farm is the most advanced offshore wind project in the country. Built in the Polish waters of the Baltic sea, it will have a maximum capacity of 1,200 MW, with the goal of providing clean energy to more than 1.5 million households. The wind farm is expected to be operational in 2026.

CaixaBank in Poland

CaixaBank has had an operational branch in Poland since 2007, and in the last 15 years, the bank has reinforced its commitment in Poland through helping its corporate clients - Spanish, Polish and global - to grow and develop their activity in the country.

CaixaBank Polish operational branch is part of CaixaBank’s International Banking network of branches and representative offices worldwide. This network offers support to the bank's business customers that operate abroad, as well as to local businesses, thanks to its global outreach with over 210 professionals, close to 30 international service points and agreements with more than 1,800 correspondent banks. This network offers coverage to 72 countries, representing 82% of the global GDP and 94% of trade finance in Spain.

CaixaBank's International Banking network is comprised of branches in Germany, France, the United Kingdom, Italy, Morocco and Poland, and 17 representative offices across all 5 continents: Istanbul (Turkey), Beijing, Shanghai and Hong Kong (China), Singapore, Dubai (United Arab Emirates), New Delhi (India), Cairo (Egypt), Algiers (Algeria), Johannesburg (South Africa), New York (USA), Santiago de Chile (Chile), Bogotá (Colombia), Sao Paulo (Brazil), Lima (Peru), Sydney (Australia) and Toronto (Canada).  

CaixaBank also has two Spanish Desk teams in Austria's Erste Bank (Vienna) and Mexico's Inbursa (Mexico City), to serve CaixaBank business customers in these markets.

 

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