European Financial Institution Allocates €30 Million to Large-scale Land-based Wind Energy Project in East Romania
The European Investment Bank (EIB) has announced a significant investment in Romania's renewable energy sector, with plans to co-finance the development of Pestera II, a large onshore wind farm near Constanta on the Black Sea coast.
This investment marks a significant step forward in enhancing Romania's renewable-energy capacity and contributing to the European Union's ambitious climate and sustainability objectives, as stated by EIB Vice-President Ioannis Tsakiris.
The total investment in Pestera II is estimated to exceed EUR 500 million, with the EIB contributing at least EUR 30 million. Copenhagen Infrastructure Partners (CIP), a Danish firm specializing in renewable-energy projects, will also be involved in the investment.
CIP, the world's largest fund manager dedicated to greenfield renewable-energy investments, manages a portfolio of clean-energy initiatives worldwide. With expertise in wind, solar, and biomass projects, CIP is well-equipped to support the development of Pestera II.
Pestera II is planned to have a capacity of up to 400 megawatts, enough to supply clean energy to over 1.4 million Romanian households annually. Construction on the project is set to begin later this year.
Beyond supporting Pestera II, CIP looks to expand its presence in Romania's energy transition with further investments. This aligns with the EIB's mission to support the EU's green transition and promote sustainable growth.
In 2024, the EIB Group, which also includes the European Investment Fund (EIF), signed nearly EUR 89 billion in new financing for over 900 high-impact projects. This underscores the EIB's commitment to supporting sustainable development across the EU.
Radu Gruescu, a partner at CIP, stated that Pestera II will deliver long-term affordable power that strengthens Romania's energy independence and supports the country's decarbonisation goals. This investment is expected to bring numerous benefits to Romania, including increased energy security and a reduction in greenhouse gas emissions.
The EIB, the long-term lending institution of the European Union, is owned by its Member States. As such, this investment not only supports Romania's renewable energy sector but also demonstrates the EU's commitment to a sustainable future for all its member states.
In conclusion, the investment in Pestera II marks a significant step forward in Romania's energy transition and the EU's pursuit of its ambitious climate and sustainability objectives. With CIP's expertise and the EIB's financial backing, Pestera II is poised to make a significant contribution to Romania's clean energy future.
