- EIB commits €30 million to onshore wind farm in eastern Romania near Black Sea
- Support co-finances “Pestera II” project alongside funds managed by Copenhagen Infrastructure Partners
- Site near city of Constanta to have total installed capacity of up to 400 megawatts
The European Investment Bank (EIB) is committing up to €30 million to a major wind-power project in Romania, accelerating the country’s green transition and energy independence. The EIB support will co-finance a planned second onshore wind farm in Pestera, a village near the city of Constanta on Romania’s Black Sea coast.
The EIB support for “Pestera II” is a co-investment with funds managed by Copenhagen Infrastructure Partners (CIP), a Denmark-based investment firm that focuses on the development and construction of renewable-energy projects worldwide. The total investment in this project is expected to be in excess of €500 million.
Pestera II, one of Romania’s largest onshore-wind initiatives, is due to have installed capacity of up to c. 400 megawatts (MW) – enough to supply over 1.4 million Romanian households for an entire year. Construction is due to start later this year and once completed will bolster the European Union’s push for climate neutrality by mid-century.
“We are proud to support Romania’s clean-energy transition through our €30 million investment in the Pestera II onshore-wind project,” said EIB Vice-President Ioannis Tsakiris. “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 milestone 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.”
The co-investment reflects the EIB’s commitment to financing climate action and sustainable economic growth across Europe.
“We expect that Pestera II will deliver long-term affordable power that strengthens Romania’s energy independence and supports the country’s decarbonisation goals,” said Radu Gruescu, Partner at CIP. “Beyond that, we look to expand CIP’s presence in Romania’s energy transition with further investments.”
CIP is the world’s largest dedicated fund manager for greenfield renewable-energy investments, with expertise in offshore and onshore wind, solar photovoltaic (PV), biomass and other forms of sustainable energy. CIP has raised around €32 billion from more than 160 institutional investors and manages a portfolio of transformative clean-energy projects around the world.
Background information
EIB
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 European Union, and the capital markets union.
The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €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.
Fostering market integration and mobilising investment, the Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024 and mobilised €110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average.
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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 13 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