Following its successful participation in the November 2024 CfD auction, the Pestera II onshore wind project in Romania is now in the final stages prior to start of construction.
COPENHAGEN, Denmark, March 13, 2025 (GLOBE NEWSWIRE) - Today, Copenhagen Infrastructure Partners (CIP) announced that Radramo Power SRL, the company holding the rights to the ~400MW Pestera II onshore wind project, has entered into a binding Contract for Difference (CfD) for 245MW of its capacity. Earlier in 2024, the Growth Markets Fund II (GMF 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 396MW installed capacity and a total investment of approximately EUR 500 million. The project has been awarded the CfD contract following its successful 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 EUR 64.9/MWh. Located in Constanta in Southeast Romania, and benefitting from strong wind resource and close proximity to existing transmission infrastructure, Pestera II will be one of the largest renewable energy projects in Romania and is expected to significantly contribute to enhancing the security of supply in Romania and deliver attractively priced and sustainable power for the long-term. The Romanian CfD scheme aims to deliver 3GW of new onshore wind and 2 GW of new solar capacity across two auctions in 2024 and 2025. The scheme is supported with EUR 3 billion of dedicated funding from the EU Modernisation Fund.
The European Investment Bank (EIB) has committed EUR 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. The EIB has earlier in 2024 also announced a commitment of USD 100 million 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.
About Copenhagen Infrastructure Partners
Founded in 2012, Copenhagen Infrastructure Partners P/S (CIP) today is the world’s largest dedicated fund manager within greenfield renewable energy investments and a global leader in offshore wind. The funds managed by CIP focus on investments in offshore and onshore wind, solar PV, biomass and energy-from-waste, transmission and distribution, reserve capacity, storage, advanced bioenergy, and Power-to-X.
CIP manages 12 funds and has to date raised approximately EUR 32 billion for investments in energy and associated infrastructure from more than 180 international institutional investors. CIP has approximately 500 employees and 14 offices around the world. For more information, visit www.cip.com.
About the European Investment Bank
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly EUR 89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.
All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
About the Modernisation Fund
The Modernisation Fund is a programme from the European Union to support 13 Member States to meet energy targets by helping to modernise energy systems and improve energy efficiency. The Modernisation Fund operates under the responsibility of the beneficiary Member States in close cooperation with the European Commission and the European Investment Bank.
For further information, please contact:
E-mail: media@cip.com
Oliver Routhe Skov, Head of Media Relations
Phone: +45 30541227
Email: orsk@cip.com
Thomas Kønig, Global Head of Fundraising and Partner – Investor Relations
Phone: +45 7070 5151
Email: tkon@cip.com