Northland Power closes financing for 1.2 GWh of batteries in Poland
Serguey Asael Shinder2 min readNorthland Power, the Toronto-based independent power producer, has closed about PLN500m (roughly US$129m) of financing for two battery storage projects in Poland, Energy-Storage.news reports. The company announced the financial close on 30 September.
The two projects add up to 300 MW and 1,200 MWh. Mieczysławów, at 200 MW/800 MWh, is expected to start commercial operation in early 2028, and Kamionka, at 100 MW/400 MWh, by mid-2028; both are under construction. The debt comes from Canadian and Polish lenders that were not named. Alongside it sit grants of around PLN1bn from Poland's National Fund for Environmental Protection and Water Management — about twice the size of the loans.
Revenue rests on the capacity market. Both projects hold 17-year capacity market contracts and can earn more from energy arbitrage and ancillary services. Northland bought them from Greenvolt Power in November 2025 at the pre-construction stage, then secured the grants and advanced development. Energy-Storage.news says the capacity contracts are thought to have come from the 1.2 GW Greenvolt won in the 2023 auction. Northland expects the pair to add roughly CA$40m to CA$50m to its annual adjusted EBITDA.
Poland is one of Northland's core markets; it also co-develops the 1,140 MW Baltic Power offshore wind farm. The country has become the leader for battery storage in Central and Eastern Europe, partly on the back of EU recovery funding. Greenvolt itself has begun building what the outlet describes as Poland's largest battery, the 600 MW/2,400 MWh Siedlce project, due online next year.
The pipeline is thinner than the awards. Storage has won more than 11 GW of Polish capacity market contracts, but an investor quoted in the report, Jakub Kupcu of Claritas Investments, warns of a large gap between what was awarded and what will be built before delivery obligations start in 2028. He points to grid connection bottlenecks, permitting delays, financing gaps and "zombie projects" holding contracts without progress, and notes that capacity prices have fallen in later auctions while wholesale price volatility has risen sharply.
Why it matters
Financial close is the step that separates a capacity contract from a battery that will actually exist in 2028. With grants covering roughly two-thirds of the external funding here, the deal also shows how much Polish storage still leans on public money — and why projects without it are the ones most likely to miss their delivery dates.