The European Investment Bank (EIB) is committing up to 30 million Euro 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.”

“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.