CMS has advised a consortium of lenders on the EUR 140m financing of one of Europe’s most advanced offshore wind tower manufacturing facilities – Baltic Towers, located in Gdańsk. This transaction marks a pioneering use of project finance in the offshore wind manufacturing sector, supporting industrial capacity for the energy transition. The investment is a strong example of cross-border industrial collaboration, combining the strategic capabilities of Poland and Spain.
The new facility will produce offshore tower sections for wind farms – primarily those planned in the Baltic Sea region. Backed by leading Polish and international sponsors, the Baltic Towers project has been developed by ARP (Agencja Rozwoju Przemysłu S.A.), a leading Polish development agency supporting strategic industrial projects, and GRI Renewable Industries, a globally recognised manufacturer of wind towers.
The financing was provided by a four-lender consortium of public and commercial institutions, including Sumitomo Mitsui Banking Corporation (SMBC), Compañía Española de Financiación del Desarrollo S.A. (COFIDES), the National Fund for Environmental Protection and Water Management (NFOŚiGW), and Bank Polska Kasa Opieki S.A. (Bank Pekao S.A.). Bank Pekao arranged a dedicated VAT facility and acts as Facility and Security Agent, while hedging was secured with two leading international banks.
CMS provided comprehensive legal advice across all aspects of the financing and project due diligence. The firm supported negotiations of the finance documentation, advised on the financing structure, regulatory aspects, and coordinated the transaction closing process.
The multidisciplinary CMS team involved lawyers from both the Energy & Infrastructure and Banking & Finance practices. The project was supervised by Marcin Bejm and Jakub Wieczorek, with Konrad Leszko, Paweł Ura and Sebastian Łyś acting as lead lawyers. The team also included Alicja Smyklińska.
