Mizuho successfully supported Polska Grupa Energetyczna (PGE) with the senior non-recourse HoldCo financing of the Baltica 2 Offshore Wind Farm, the largest offshore wind farm in Poland and developed in partnership with Ørsted.
Mizuho’s involvement as Mandated Lead Arranger and Hedging Bank in this transaction highlights its strong commitment to the offshore wind farm sector and enables Mizuho to maintain its leading bank position in the sector by supporting top-tier players who are intensively developing offshore wind farms across Europe.
Dexter Maitland, Head of Power and Energy Transition commented, "We are proud to support the financing of Poland’s largest offshore wind farms, a project that highlights our strong commitment to the global energy transition. Offshore wind is a key pillar in achieving net-zero and at Mizuho, we have long supported the development of the sector. This transaction not only reflects strong relationship between the Bank and PGE but also Mizuho’s continuous ambition in supporting sustainable and clean energy solutions."
Poland has increased its climate ambitions in recent years as demonstrated by its pledge to generate 58% of its electricity from renewable sources by 2030. As the current energy mix is highly dependant on coal-fired energy generation, the growth of offshore wind energy deployment is seen as critical for the country to meet this target. Furthermore, energy security and the climate transition also remain key priorities for the Polish government under Poland’s rotating presidency of the European Council.
Located approximately 40km off the Polish coast near Ustka, Baltica 2 benefits from a 25-year inflation-protected contract for difference (CfD) with the Polish state, ensuring a strong financial foundation and long-term economic viability.
The Project will add 1.5 GW of renewable capacity to the Polish energy mix by end of 2027, generating approximately 3% of Poland’s electricity. This landmark offshore wind project marks a significant milestone in the country’s renewable energy transition as it will generate enough clean electricity to power approximately 2.5 million households.
For more information about the Baltica 2 project, click here.
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About Mizuho EMEA
Mizuho EMEA provides corporates and institutions in the region with unparalleled access and expertise in Japan and Asia, and supports clients with their corporate and investment banking, and asset management needs. Headquartered in London and with a strong presence throughout the region, our client base includes leading corporations, financial institutions and state owned entities. We are a strategic financial partner whose purpose is to proactively innovate together with our clients for a sustainable future.
Mizuho’s presence in EMEA is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of 31 March 2024, its total assets were US$2 trillion.
Learn more about Mizuho in EMEA: www.mizuhoemea.com