Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II (GMF II), has reached financial close on the 392 MW Pestera II onshore wind project in Constanța county, marking one of the largest renewable energy financings in Romania and the wider Central and Eastern European region, the company announced on June 24.

The project finance package comprises approximately EUR 510 million provided by a consortium of seven local and international banks: Erste Bank, Banca Comercială Română (BCR), Deutsche Bank, Société Générale, BRD, Eurobank, and Piraeus Bank.

Equity financing is being provided by GMF II and two co-investors, the European Investment Bank and a Danish pension fund.
Pestera II is one of the largest new renewable energy investments in Romania and is expected to begin commercial operations in 2028.

The project secured a 15-year Contract for Difference (CfD) in December 2024 covering 245 MW of its installed capacity.

According to CIP, the wind farm will contribute to strengthening Romania’s security of electricity supply while delivering competitively priced renewable energy over the long term.

Legal advisers on the transaction included Clifford Chance for financing matters, Filip & Company for project development, and Accura for construction contracts. Aurora Energy Research acted as commercial adviser, Environmental Resources Management (ERM) as technical adviser, EY as financial and tax adviser, and Marsh as insurance adviser.

CIP is one of the largest investors in renewable energy infrastructure globally. Through its Growth Markets Fund II, the company focuses on renewable energy, energy transition, and related infrastructure projects across emerging markets. The Pestera II project adds to Romania’s growing pipeline of large-scale renewable energy developments supported by the country’s new CfD scheme.

(Photo: Welcomia/ Dreamstime)

iulian@romania-insider.com