The European Investment Bank (EIB) is committing up to 30 million euro to a major wind energy project in Romania, accelerating the country’s green transition and energy independence, according to a statement from the bank.
The EIB’s support co-finances the second onshore wind farm planned in Peștera, a village near the city of Constanța on Romania’s Black Sea coast.
According to the cited source, the EIB’s support for ‘Peștera II’ represents a co-investment with funds managed by Copenhagen Infrastructure Partners (CIP), a Denmark-based investment firm. It focuses on the development and construction of renewable energy projects worldwide. The total value of the project is estimated to exceed €500m.
Peștera II, one of the largest wind energy initiatives in Romania, is set to have an installed capacity of up to approximately 400 megawatts (MW), enough to power over 1.4 million Romanian households for a year. Construction is set to start this year and, once completed, will support the European Union’s efforts to achieve climate neutrality by mid-century.
“We are proud to support Romania’s transition to clean energy through our €30 million investment in the Peștera II onshore wind project. This flagship initiative not only increases Romania’s renewable energy capacity, but also contributes to the EU’s ambitious climate and sustainability goals. I congratulate Copenhagen Infrastructure Partners for their leadership in promoting this important renewable energy project, which strengthens energy security, fosters sustainable economic growth and accelerates the green transition. Together, we reaffirm our unequivocal commitment to a more sustainable, resilient and climate-neutral Europe,” said EIB Vice-President Ioannis Tsakiris, quoted by Agerpres.
The co-investment reflects the EIB’s commitment to financing climate action and sustainable economic growth in Europe.
“We expect the Peștera II project to provide affordable energy in the long term, strengthening Romania’s energy independence and supporting the country’s decarbonisation objectives. Furthermore, we aim to expand CIP’s presence in Romania’s energy transition through other investments as well,” said Radu Gruescu, Partner at CIP.
CIP is the world’s largest dedicated fund manager for greenfield investments in renewable energy, with expertise in offshore and onshore wind, solar photovoltaics (PV), biomass and other forms of sustainable energy. The CIP has raised around €32 billion from over 160 institutional investors and manages a portfolio of transformative clean energy projects around the world.
The European Investment Bank (EIB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight main priorities, the EIB finances investments that contribute to EU policy objectives, boosting climate and environmental action, digitalisation and technological innovation, security and defence, cohesion, agriculture and the bioeconomy, social infrastructure, high-impact investments outside the European Union and the Capital Markets Union.
The EIB Group, which includes the European Investment Fund (EIF), has closed almost €89 billion in new financing for over 900 high-impact projects by 2024, boosting Europe’s competitiveness and security.
All projects financed by the EIB Group are in line with the Paris Agreement on climate change, as committed to in the Bank’s Climate Roadmap. Almost 60% of the EIB Group’s annual financing supports projects that directly contribute to climate change mitigation, adaptation and a healthier environment.
By supporting market integration and mobilising investment, the EIB Group has supported a record new investment of over EUR 100 billion for Europe’s energy security by 2024 and mobilised EUR 110 billion in growth capital for EU start-ups, scale-ups and pioneers. Around half of EIB financing within the European Union goes to cohesion regions, where per capita income is below the EU average.