Copenhagen Infrastructure Partners (CIP), through its Growth Markets Fund II, has announced financial close for the 392 MW Pestera II onshore wind project in Constanța County, Romania—marking one of the largest renewable energy investments in the country and a significant project finance deal in Central and Eastern Europe.
The project has secured approximately EUR 510 million in financing from a consortium of seven international and local banks, alongside equity contributions from GMF II, the European Investment Bank, and a Danish pension fund.
A 15-year contract for difference (CfD) covering 245 MW of capacity was secured in December 2024, supporting long-term revenue stability. The wind farm is expected to reach commercial operation in 2028 and will contribute to Romania’s energy security while supplying competitively priced renewable electricity.
The project will feature 56 Nordex N163-6.X turbines, with Electrogrup serving as the balance-of-plant contractor. Blue Power Partners will oversee construction management.
Commenting on the milestone, CIP executives highlighted that the scale of the transaction demonstrates the strength of EU-supported CfD frameworks in attracting institutional capital and enabling large-scale renewable deployment in Romania.
The company also noted that Pestera II represents one of the largest non-recourse renewable energy financings in Central and Eastern Europe and aligns with its broader strategy of expanding investments in key growth markets.
Legal, financial, technical, and advisory support for the transaction was provided by firms including Clifford Chance, Filip & Company, Accura, Aurora Energy Research, ERM, EY, and Marsh.
