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. The project is described as one of the largest renewable energy developments currently under construction in Romania.
The wind farm is being developed by investment funds managed by Copenhagen Infrastructure Partners (CIP). It forms part of a wider financing package totaling €510 million. Funding is provided through a syndicate of seven domestic and international commercial banks.
Financing structure and roles of participating banks
Equity for the transaction is contributed by CIP’s Growth Markets Fund II (GMF II), the European Investment Bank (EIB), and a Danish pension fund. Within the deal, BCR and Erste Group act as senior lenders and hedging banks.
BCR also holds multiple additional roles in the financing structure. These include Facility Agent, Security Agent, issuing bank, and account bank, reflecting its central position within the arrangement.
Project timeline and Contracts for Difference support
The Peștera II wind farm is scheduled to start commercial operation in 2028. It is also identified as the largest Romanian wind project awarded support under Romania’s Contracts for Difference (CfD) scheme.
The CfD scheme was introduced at the end of 2024, with Peștera II securing a 15-year CfD contract for 245 MW of installed capacity. The project is expected to increase Romania’s renewable generation capacity and strengthen electricity supply security once completed.
Advisers supporting the banking syndicate
The financing transaction was supported by a consortium of advisers. White & Case and Bondoc & Asociații served as legal advisers to the banking syndicate.
EY acted as financial and tax adviser, while Marsh provided insurance advisory support for the transaction.
