Romania’s Banca Comercială Română (BCR) and Austria’s Erste Group Bank AG have structured €151 million in green financing for the development of the 392 MW Peștera II wind farm in Constanța County, one of the largest renewable energy projects currently under construction in Romania.
The project is being developed by investment funds managed by Copenhagen Infrastructure Partners (CIP) and is part of a broader financing package totaling €510 million. The funding is provided by a syndicate of seven domestic and international commercial banks, while the equity component is contributed by CIP’s Growth Markets Fund II (GMF II), the European Investment Bank (EIB), and a Danish pension fund.
Within the transaction, BCR and Erste Group act as senior lenders and hedging banks. BCR also holds multiple additional roles in the structure, including Facility Agent, Security Agent, issuing bank, and account bank, highlighting its central position in the financing arrangement.
The Peștera II wind farm is among the largest renewable energy investments in Romania and represents one of the most significant green financing deals in Central and Eastern Europe. Once completed, it is expected to strengthen Romania’s electricity supply security and increase the country’s renewable generation capacity.
The project is scheduled to begin commercial operation in 2028. It is also the largest Romanian wind project awarded support under the country’s Contracts for Difference (CfD) scheme, introduced at the end of 2024, securing a 15-year CfD contract for 245 MW of installed capacity.
The financing was supported by a consortium of advisers, including White & Case and Bondoc & Asociații as legal advisers to the banking syndicate, EY as financial and tax adviser, and Marsh as insurance adviser.
