PKN Orlen and Northland Power have appointed a consortium of Polish company Pekao Investment Banking and Green Giraffe as financial advisor for the 1200MW Baltic Power offshore wind farm off Poland.
Pekao Investment Banking and Green Giraffe will be responsible for raising funding for the project.
The consortium will also assist in the preparation of the required documentation and establish contracts with potential partners.
PKN Orlen management board president Obajtek said: “Transformation of the power sector remains a major challenge, but renewable projects are increasingly cost-effective.
“A key element of the transformation process is to raise finance for zero-carbon energy projects.
“Our experience in raising funds for green projects has been very positive, and we can see investors are willing to engage in them, as evidenced by strong investor interest in PKN Orlen’s green Eurobond issues.
“Baltic Power is a good example of a project that offers benefits to both investors, the Orlen Group and the Polish economy as a whole.”
Baltic Power management board president Jaroslaw Broda said: “The consortium we have selected combines two features that are vital to us – in-depth knowledge of the Polish market and a long track record of raising capital for offshore wind projects.
“Financing large-scale offshore projects is still new to local financial institutions.
“The combined knowledge and experience of the two companies will help with effective fundraising and will set the course for the financing of similar ventures in the Baltic Sea.”