Copenhagen Infrastructure Partners (A global leader in energy infrastructure investments) has reached financial close on the 392 MW Pestera II onshore wind project in Constanța County, Romania, securing approximately USD 579.77 million in project finance facilities and marking one of the largest renewable energy transactions in Central and Eastern Europe to date.

A Landmark Deal for Romanian Renewables

The announcement was made on June 25, 2026, by Copenhagen Infrastructure Partners, which is developing the project through its Growth Markets Fund II. The firm described the transaction as representing one of the largest investments in new renewable energy infrastructure in Romania and one of the largest project finance transactions across the Central and Eastern European region.

Financial close represents a critical milestone in the project's development timeline. Pestera II is expected to reach commercial operations in 2028, with CIP saying the facility will contribute significantly to enhancing Romania's security of supply while delivering competitively priced renewable power over the long term.

Seven-Bank Consortium Provides the Debt Stack

The USD 579.77 million in project finance facilities was assembled through a consortium of seven local and international commercial banks. The lending group includes Erste Bank and Banca Comerciala Romana, Deutsche Bank, Societe Generale, BRD, Eurobank, and Piraeus Bank. The mix of both regional and international institutions reflects the scale and complexity of the financing structure, which is structured on a non-recourse basis.

Equity funding for the project comes from three sources: Growth Markets Fund II itself, alongside two co-investors identified as the European Investment Bank and a Danish pension fund. The involvement of the European Investment Bank as a direct equity co-investor underscores the project's alignment with European energy policy goals.

A Contract for Difference Anchors Revenue Certainty

A key element underpinning the bankability of the Pestera II transaction is a 15-year contract for difference that was concluded in December 2024 for 245 MW of the project's total 392 MW capacity. The CfD provides long-term revenue certainty for a significant portion of the project's output, which CIP partner Radu Gruescu highlighted as central to the deal's success.

"The size of the transaction is a clear demonstration that, through bankable regulatory frameworks such as EU-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," Gruescu said.

Nordex Turbines and Local Construction Expertise

On the construction side, main contracts have been signed with two firms. Nordex has been appointed as turbine supplier and will deliver 56 of its N163-6.X 7.0 MW turbines for the project. Electrogrup, a Romanian firm, has been contracted as the balance of plant contractor. Construction management services will be provided by Blue Power Partners.

The 56 Nordex turbines, each rated at 7.0 MW, account for the project's total generating capacity of 392 MW. The N163-6.X model designation refers to a rotor diameter of 163 metres in Nordex's Delta4000 turbine series, which is designed for moderate to low wind sites.

An Extensive Advisory Team

The transaction involved an extensive roster of advisers across multiple disciplines. Legal advice was provided by Clifford Chance on financing matters, Filip & Company on the mergers and acquisitions transaction, the contract for difference and project development work, and Accura on construction contracts.

On the technical and commercial advisory side, Aurora Energy Research acted as commercial adviser, Environmental Resources Management served as technical adviser, EY provided financial and tax advisory services, and Marsh handled insurance advisory work in relation to the financing.

CIP's Growth Markets Strategy Expands in the Region

The Pestera II close represents the latest deployment of capital from CIP's Growth Markets Fund II, which is focused on renewable energy investments in markets outside the more established Western European jurisdictions.

Niels Holst, Partner at CIP and Co-head of the Growth Markets Funds, said the transaction combined investment at scale in critical energy infrastructure with attractive returns for investors.

"The financial close achieved on Pestera II, one of the largest non-recourse renewable energy financings in Central and Eastern Europe, represents another successful investment under CIP's Growth Markets Fund II," Holst said. "We look forward to building on this successful transaction with further investments in Romania and the broader region."

CIP was founded in 2012 and describes itself as a global fund manager and leading investor in energy infrastructure. The firm currently manages 15 funds and has raised approximately USD 42.06 billion to date from over 200 institutional investors.

CIP operates across more than 30 countries through a network of more than 2,300 professionals, with its investment scope spanning power generation from solar and wind, energy storage, transmission and distribution, advanced bioenergy, low-carbon fuels, and carbon capture.

Romania's Renewable Sector Draws International Capital

The Pestera II transaction arrives at a moment of heightened attention on Central and Eastern Europe as a destination for renewable energy investment. Romania's wind resources, particularly in the Constanța region where the project is located, have attracted developer interest for many years, though large-scale project finance transactions of this magnitude have remained relatively rare in the country.

The conclusion of a CfD mechanism in Romania, modelled on European frameworks that have been used successfully in markets such as the United Kingdom and Germany, signals a regulatory maturation that lenders and institutional equity investors require before committing capital at this scale.

With the 15-year CfD covering 245 MW of Pestera II's output and commercial operations targeted for 2028, the project is structured to deliver stable, long-term cash flows against its USD 579.77 million debt package.

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