Norton Rose Fulbright advises on €2 billion wind farm financing

Global law firm Norton Rose Fulbright has successfully advised a syndicate of lenders on the significant financing of approximately €2 billion for Ocean Winds’ BC-Wind offshore wind farm, which is located in the Baltic Sea, Poland. Ocean Winds is a 50:50 joint venture between EDP Renewables and ENGIE, and the firm focuses on offshore wind energy initiatives. The financing for this notable project received backing from the European Investment Bank (EIB), which is providing nearly a third of the entire project financing, along with support from the Instituto de Crédito Oficial Español (ICO) and 13 commercial banks. This financial structure highlights both the maturity and long-term stability of this investment.

The BC-Wind project is currently in its development stage, poised to enter construction soon. It is projected to deliver its first power by 2028 and, once operational, will supply zero-emission electricity to nearly 500,000 households annually in Poland. Norton Rose Fulbright played an instrumental role in advising EIB and the cohort of lenders, expertly navigating a highly complex and multi-jurisdictional financing structure.

This transaction stands as one of the most significant project financings in Poland's renewables sector to date. The combined expertise of Norton Rose Fulbright’s projects and project finance team was co-led by Global Co-Head of Energy and partner Rob Marsh based in London, alongside partner Tomasz Rogalski in Warsaw. The team received support from associates and trainees in both London and Warsaw, contributing to the seamless delivery of this complex structure.

Rob Marsh remarked on the achievement, stating that “Ocean Winds reaching financial close on its BC-Wind project is another significant milestone for the future of renewable energy in Poland. This achievement demonstrates the strong confidence of international lenders in offshore wind and paves the way for delivering clean, zero-emission electricity to hundreds of thousands of households.” Meanwhile, Tomasz Rogalski emphasised the complexity of the financing, noting that “Financing construction of the BC-Wind offshore wind farm in Poland was a highly complex, multi-jurisdictional financing that required close coordination between international and local lenders. We’re proud to have contributed to delivering a structure that supports the long-term development of offshore wind in Poland and strengthens the country’s position as a leading renewables market in Europe.”

Norton Rose Fulbright maintains one of the largest projects practices worldwide, comprising over 350 project and project finance lawyers. The firm has successfully closed 600 significant project finance transactions globally over the past five years, amounting to more than US$286 billion according to IJGlobal Q1, 2025.