Copenhagen Infrastructure Partners (CIP) has secured a contract for difference (CfD) for 245MW of output from a Romanian wind project.
CIP announced that Radramo Power SRL, the company holding the rights to the 400MW Pestera 2 onshore wind project, has entered into a binding CfD for 245MW of its capacity.
Earlier in 2024, Growth Markets Fund 2 (GMF 2), a fund managed by CIP, agreed to acquire the project from its original developers subject to fulfilment of certain customary conditions.
Pestera 2 is one of the largest onshore wind projects in Romania with up to 396MW installed capacity and a total investment of approximately €500m.
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 f at a strike price of €64.9/MWh.
Located in Constanta in Southeast Romania, and benefitting from strong wind resource and close proximity to existing transmission infrastructure, Pestera 2 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 is supported with €3bn 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 2.
In 2024 the EIB also announced a commitment of $100m to GMF 2.
Radu Gruescu, a partner at CIP, said: “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.
“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.”
EIB Vice-President Ioannis Tsakiris added: “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.
“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.”