Copenhagen Infrastructure Partners secures CfD contract for onshore wind farm in Romania

Earlier in 2024, the Growth Markets Fund II, a fund managed by CIP, agreed to acquire the project from its original developers, subject to fulfilment of certain customary conditions.

Pestera II is one of the largest onshore wind projects in Romania with up to 396 MW of installed capacity and a total investment of approximately €500 million. The project has been awarded the CfD contract following its participation in Romania’s first CfD auction in November 2024 where it secured a contract with a duration of up to 15 years from COD at a strike price of €64.9/MWh. Located in Constanta, southeast Romania, and benefitting from strong wind resources and close proximity to existing transmission infrastructure, Pestera II will be one of the largest renewable energy projects in the country and is expected to significantly contribute to enhancing the security of supply, delivering attractively priced and sustainable power long term. The Romanian CfD scheme aims to deliver 3 GW of new onshore wind and 2 GW of new solar capacity across two auctions in 2024 and 2025. The scheme is supported with €3 billion of dedicated funding from the EU Modernisation Fund.

The European Investment Bank (EIB) has committed €30 million of co-investment into the project, alongside the capital that will be invested by EIB in the project as part of the group of investors that have committed capital to GMF II. Earlier in 2024, the EIB also announced a commitment of US$100 million to GMF II.

Radu Gruescu, Partner in CIP, commented: “We are pleased to have participated 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 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. It is expected 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, the Pestera II project is expected to commence construction later in 2025 and, beyond that, we look to expand CIP’s presence in Romania’s energy transition with further investments.”

Ionnis Tsakiris, EIB VP, added: “EIB is proud to support Romania’s clean energy transition through the €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. This renewable energy project strengthens energy security, fosters sustainable economic growth, and accelerates the green transition.”

 

 

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Read the article online at: https://www.energyglobal.com/wind/13032025/copenhagen-infrastructure-partners-secures-cfd-contract-for-onshore-wind-farm-in-romania/