Copenhagen Infrastructure Partners (CIP) announced today that it reached the financial close, through its Growth Markets Fund II (GMF II), for the 392 MW Peștera 2 wind project in Constanța county in Romania. The company scheduled the commissioning for 2028.
The 392 MW Peștera 2 onshore wind project is 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, Copenhagen Infrastructure Partners said as it revealed that it secured financing.
The 15-year contract for difference (CfD) for 245 MW of its capacity was won in December 2024, at the country’s first round of wind and solar power auctions. Peștera 2 is expected to reach commercial operations in 2028, contributing significantly to the enhancement of Romania’s security of supply while delivering competitively priced renewable power for the long term, the update reads.
Seven lenders in consortium for EUR 510 million
Project finance comprises facilities of EUR 510 million, provided by a consortium of domestic and international lenders: Erste Bank and Banca Comercială Română (BCR), Deutsche Bank, Société Générale and BRD, Eurobank, and Piraeus Bank. Equity is funded by the project owners: GMF II, and the European Investment Bank (EIB) and a Danish pension fund, two co-investors.
CIP’s Niels Holst: The returns for our investors are attractive
EIB said last year that the wind park would be built in a dedicated renewable energy area, citing local urban and spatial plans.
Nordex to supply wind turbines for Peștera 2
Main construction contracts have been entered into with Nordex, supplying 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.
The size of the transaction is a clear demonstration that, through bankable regulatory frameworks such as European Union–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, according to Partner at CIP Radu Gruescu.
Peștera 2 is one of the largest non-recourse renewable energy financings in CEE, said Partner at CIP and Co-head of the Growth Markets Funds Niels Holst.
“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,” he asserted.
Legal advice was provided by Clifford Chance (financing), Filip & Company (mergers and acquisitions – 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, the statement adds.
