Conditional Loans of Up to PLN 1.252 Billion to Finance Five Polish Wind Farms
Key Facts
Five subsidiaries of Polenergia Group signed a conditional loan agreement on October 30, 2026, with a consortium of banks to finance operating wind farms with total installed capacity of 276 megawatts, according to a company disclosure published through the ESPI system on PAP MediaRoom. Term loans under the agreement total up to PLN 1.252 billion, while the maximum amount of revolving facilities allocated to a debt service reserve is PLN 99 million. Around PLN 740 million of the term loans is earmarked to refinance existing debt. The agreement therefore provides financing for operating assets that combines refinancing with funds available for investment, according to deal details reported by ISBnews.
The loans are distributed among five subsidiaries that own the wind farms: Polenergia Farma Wiatrowa 3, Grabowo, Dębice/Kostomłoty, Mycielin and Szymankowo, according to the company's official disclosure. The agreement brings operating assets with total installed capacity of 276 megawatts under a single financing structure. The consortium includes mBank, Bank Millennium and Erste Bank Polska, as well as Bank of China (Europe) and the Polish branch of China Construction Bank (Europe). According to the company, the deal includes a customary package of project finance security. This package includes registered pledges over groups of movable assets and rights, pledges over the shares of the borrowing companies, and mortgages. These guarantees secure the subsidiaries' obligations under the financing, according to the disclosure terms.
The term loans and debt service reserve facilities, each according to its specified maturity, are due no later than March 31, 2041. Interest is tied to the WIBOR benchmark rate plus a margin for the lenders, under the terms of the agreement announced by Polenergia. The final maturity extending to that date means the financing creates long-term debt obligations for the companies that own the farms. The revolving facilities of PLN 99 million are also allocated to the debt service reserve, not to refinancing existing debt; the disclosure earmarked around PLN 740 million of the term loans for the latter purpose. This structure accompanies the new financing that provides resources for the company's development program.
The agreement comes as Polenergia and Equinor are carrying out two major offshore wind projects in the Baltic Sea. In May 2025, the companies closed financing for Bałtyk 2 and Bałtyk 3 worth more than 6 billion euros, with the participation of around 30 financial institutions. Each project has planned capacity of around 720 megawatts, with the partners holding equal stakes. Polenergia said the 5.8 billion euros in financing for the two projects is based on a non-recourse project finance structure, and around 90% of the debt is hedged against interest rate fluctuations. The projects were planned to begin generating electricity in 2027, with commercial delivery for Bałtyk II scheduled for the first half of 2028 and for Bałtyk III in the second half of the same year, according to the business plan approved by the company in May 2025.
The new financing is part of the debt instruments supporting investment and the restructuring of obligations tied to onshore wind assets, while financing for the offshore projects remains separate in size and structure. In 2025, the group recorded adjusted earnings before interest, taxes, depreciation and amortization of PLN 509.9 million and adjusted net profit of PLN 47.3 million, both lower than the previous year. The company also said that fourth-quarter 2025 results included impairment losses of around PLN 7 million for renewable projects under development, around PLN 45 million for operating solar farms, and around PLN 27 million for Polenergia Fotowoltaika. The agreement announced on October 30 provides financing for operating wind assets with repayment terms extending through 2041.