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 among 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). Peștera II forms part of a broader financing package totaling €510 million. Funding is provided by a syndicate of seven domestic and international commercial banks. The equity component is contributed by CIP’s Growth Markets Fund II (GMF II), the European Investment Bank (EIB), and a Danish pension fund.
Bank roles and transaction structure
In the transaction, BCR and Erste Group act as senior lenders and hedging banks. BCR also holds multiple additional roles within the financing structure. These include Facility Agent, Security Agent, issuing bank, and account bank. The arrangement places BCR in a central position across these functions.
Project timeline and CfD support
The Peștera II wind farm is scheduled to begin commercial operation in 2028. It has been awarded support under Romania’s Contracts for Difference (CfD) scheme, introduced at the end of 2024. The project secured a 15-year CfD contract for 245 MW of installed capacity.
Once completed, the project is expected to strengthen Romania’s electricity supply security and increase the country’s renewable generation capacity. The deal is described as one of the most significant green financing transactions in Central and Eastern Europe.
Advisers to the banking syndicate
The financing was supported by a consortium of advisers to the banking syndicate. White & Case and Bondoc & Asociații acted as legal advisers. EY served as financial and tax adviser, while Marsh acted as insurance adviser.
