Copenhagen Infrastructure Partners (CIP), via its Growth Markets Fund II (GMF II), has reached financial close for the 392MW Pestera II onshore wind farm in Constanța County, Romania.
The project has secured financing of around €510m, arranged by a syndicate of seven local and international commercial banks.
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The lenders are Banca Comerciala Romana, BRD, Deutsche Bank, Erste Bank, Eurobank, Piraeus Bank and Société Générale.
The equity is being provided by the project’s owners, which are GMF II and two co-investors, the European Investment Bank and a Danish pension fund.
CIP partner Radu Gruescu said: “We are pleased that Pestera II has reached financial close, a critical milestone for the project and important for the renewable energy sector in Romania.
“The size of the transaction is a clear demonstration that, through bankable regulatory frameworks such as EU-supported contracts for difference [CfDs], Romania can attract the high-quality institutional capital necessary to deliver the country’s objectives of achieving energy security and affordability.”
In December 2024, the Pestera II project secured a 15-year CfD covering 245MW of its capacity.
The Pestera II project is expected to begin commercial operations in 2028. It has signed its principal construction agreements with Nordex and Electrogrup.
Nordex will supply 56 N163-6.X turbines, each with a capacity of 7MW, while Electrogrup will act as the balance of plant contractor.
Blue Power Partners has been appointed to deliver construction management services.
Clifford Chance advised on the financing, while Filip & Company provided counsel on the mergers and acquisitions transaction, the CfD and the project’s development. Accura advised on the construction agreements.
Aurora Energy Research acted as the commercial adviser, Environmental Resources Management as the technical adviser, EY as the financial and tax adviser, and Marsh as the insurance adviser for the financing.
In April this year, CIP, via GMF II, announced the final notice to proceed for the 300MW/1.5GWh Patache project in Chile.
