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Copenhagen Infrastructure Partners (CIP) announced today that Radramo Power SRL, the company behind the ~400MW Pestera II onshore wind project, has signed a binding Contract for Difference (CfD) for 245MW of its capacity. Earlier in 2024, the Growth Markets Fund II (GMF II), managed by CIP, reached an agreement to acquire the project from its original developers, contingent on meeting certain standard conditions.
Pestera II, one of Romania’s largest onshore wind projects, boasts up to 396MW of installed capacity and represents an estimated EUR 500 million investment. The project secured the CfD following its successful participation in Romania’s first CfD auction in November 2024. It was awarded a contract with a duration of up to 15 years from Commercial Operation Date (COD) at a strike price of EUR 64.9/MWh. Located in Constanta, in Southeast Romania, Pestera II benefits from strong wind resources and proximity to existing transmission infrastructure, positioning it as one of the country’s largest renewable energy projects. It is expected to play a major role in enhancing Romania’s energy security and providing competitively priced, sustainable power over the long term. The Romanian CfD program aims to add 3GW of new onshore wind and 2GW of new solar capacity through two auctions in 2024 and 2025, supported by EUR 3 billion from the EU Modernisation Fund.
The European Investment Bank (EIB) has committed EUR 30 million in co-investment into the project, alongside the capital that EIB will invest as part of a group of investors supporting GMF II. Earlier in 2024, the EIB also announced a USD 100 million commitment to GMF II. Radu Gruescu, Partner in CIP, said: “We are pleased to have participated successfully in the first CfD auction where the Pestera II project has secured a contract. The auction has delivered much needed investor confidence to attract the capital necessary for the construction of a very significant volume of new renewable power generation capacity and we would like to commend the Ministry of Energy, Transelectrica, and the other relevant stakeholders for making this possible. We expect that Pestera II and the other projects contracted under the CfD scheme will deliver long-term affordable power that strengthens Romania’s energy independence and supports the country’s decarbonisation goals. Having secured the CfD contract, we expect the Pestera II project to commence construction later this year and, beyond that, we look to expand CIP’s presence in Romania’s energy transition with further investments.”
“The European Investment Bank is proud to support Romania’s clean energy transition through our EUR 30 million investment in the Pestera II onshore wind project. This flagship initiative not only enhances Romania’s renewable energy capacity but also contributes to the EU’s ambitious climate and sustainability objectives. I commend Copenhagen Infrastructure Partners for their leadership in advancing this landmark renewable energy project, which strengthens energy security, fosters sustainable economic growth, and accelerates the green transition. Together, we reaffirm our unwavering commitment to a more sustainable, resilient, and climate-neutral Europe,” said EIB Vice-President Ioannis Tsakiris.
