CfD contract secured for 400 MW onshore wind project in Romania

Copenhagen Infrastructure Partners (CIP) has secured a Contract for Difference (CfD) for 245 MW of its approximately 400 MW Pestera II onshore wind project in Constanta, southeast Romania.

Earlier in 2024, Copenhagen Infrastructure Partners' Growth Markets Fund II (GMF II) reached an agreement to acquire the Pestera II project from its original developers. This onshore wind project in Romania has an installed capacity of up to 396 MW and represents a total investment of approximately EUR 500 million (US$ 543 million). Following its successful participation in Romania’s first CfD auction in November 2024, the project secured a CfD contract with a duration of up to 15 years from its commercial operation date (COD) at a strike price of EUR64.9/MWh (US$70.7/MWh).

Romania’s CfD scheme is designed to support the development of 3 GW of new onshore wind and 2 GW of new solar capacity through two auctions scheduled for 2024 and 2025. The initiative is backed by EUR 3 billion (US$3.2 billion) in dedicated funding from the EU Modernisation Fund. As part of this effort, the European Investment Bank (EIB) has committed EUR 30 million (US$ 32.6 million) in co-investment for the project, in addition to its planned investment as part of the consortium backing Growth Markets Fund (GMF II). Earlier in 2024, the EIB also announced a US$100 million commitment to GMF II.