Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II (GMF II), today announced financial close for the 392 MW Pestera II onshore wind project in Constanța County, Romania. The project represents one of the largest investments in new renewable energy infrastructure in Romania and one of the largest project finance transactions in Central and Eastern Europe.

The Pestera II project concluded a 15-year contract for difference (CfD) for 245 MW of its capacity in December 2024. The project is expected to reach commercial operations in 2028 and will contribute significantly to enhancing Romania’s security of supply while delivering competitively priced renewable power for the long term.

The Pestera II project finance comprises facilities of approximately EUR 510 million provided by a consortium of seven local and international commercial banks: Erste Bank and Banca Comerciala Romana, Deutsche Bank, Societe Generale and BRD, Eurobank, and Piraeus Bank. Equity is funded by the project owners: GMF II and two co-investors, the European Investment Bank and a Danish pension fund.

Main construction contracts have been entered into with Nordex, as the turbine supplier for 56 of its N163-6.X 7.0 MW turbines, and Electrogrup, as the balance of plant contractor. Blue Power Partners will provide construction management services.

Commenting on the announcement, Radu Gruescu, Partner at CIP, said: “We are pleased that Pestera II has reached financial close, a critical milestone for the project and important for the renewable energy sector in Romania. The size of the transaction is a clear demonstration that, through bankable regulatory frameworks such as EU-supported contracts for difference, Romania can attract the high-quality institutional capital necessary to deliver the country’s objectives of achieving energy security and affordability.”

Niels Holst, Partner at CIP and Co-head of the Growth Markets Funds, said: “The financial close achieved on Pestera II, one of the largest non-recourse renewable energy financings in Central and Eastern Europe, represents another successful investment under CIP’s Growth Markets Fund II. It combines investment at scale in critical, modern energy infrastructure with attractive returns for our investors. We look forward to building on this successful transaction with further investments in Romania and the broader region.”

Legal advice was provided by Clifford Chance (financing), Filip & Company (M&A transaction, CfD and project development) and Accura (construction contracts). Aurora Energy Research acted as commercial adviser, Environmental Resources Management (ERM) acted as technical adviser, EY acted as financial and tax adviser, and Marsh acted as insurance adviser in relation to the financing.

About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) is a global fund manager and leading investor in energy infrastructure. CIP builds value that matters by developing and constructing critical infrastructure projects that shape the future of energy.

Through its funds, CIP invests in power generation (solar and wind), energy storage, transmission and distribution, advanced bioenergy, low-carbon fuels and carbon capture.

With 15 funds currently under management, CIP is trusted by over 200 of the world’s largest and most sophisticated institutions, having raised EUR ~37 billion to date. CIP has projects in more than 30 countries, with presence on the ground through a network of +2,300 professionals.