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2023-10-09 00:00:00
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This project is a collaborative venture between Orlen and Northland Power. Notably, Linklaters stated that this venture is the maiden offshore wind farm to achieve financial close in Poland. The green financing, categorized as multi-sourced, is being facilitated by twenty-five international and local commercial banks, along with the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (EBRD). The financial backing also has the support of three export credit agencies: Euler Hermes, Export and Investment Fund of Denmark, and Export Development Canada.
Baltic Power, strategically located off the Polish coast near Leba and Choczewo, is slated for completion in 2026. Once operational, it will boast a capacity of approximately 1,140 megawatts. This translates to the generation of sufficient clean energy to power over 1.5 million Polish households, as reported by Linklaters.
This project is a recipient of contracts for difference support under the initial round of CfDs, awarded by the Polish government pursuant to the Offshore Wind Act.
The array of legal minds involved in this venture is extensive. The Linklaters team spanned across various global locations including London, Berlin, Amsterdam, New York, Paris, and Frankfurt, with Partners Marta Domino and Patryk Figiel, and a group of managing associates, senior associates, and associates. Hogan Lovells brought together lawyers from the US, the Netherlands, the UK, and Germany. SSW Pragmatic Solutions’ team included partners, counsel, senior managing associates, and associates, collaborating to provide comprehensive legal advice on this innovative project.
This collaborative venture is more than just an energy project; it’s a testament to international cooperation and legal expertise converging to foster sustainable energy solutions for the future.
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