The European Investment Bank (EIB) is committing up to EUR 30 million to a major wind-power project in Romania, accelerating the country's green transition and energy independence, according to an EIB press release.

The EIB support will co-finance a planned second onshore wind farm in Pestera, a village near the city of Constanta on Romania's Black Sea coast.

According to the source, the EIB support for 'Pestera II' is a co-investment with funds managed by Copenhagen Infrastructure Partners (CIP), a Denmark-based investment firm that focuses on the development and construction of renewable-energy projects worldwide. The total investment in this project is expected to be in excess of EUR 500 million.

Pestera II, one of Romania's largest onshore-wind initiatives, is due to have installed capacity of up to c. 400 megawatts (MW) - enough to supply over 1.4 million Romanian households for an entire year. Construction is due to start later this year and once completed will bolster the European Union's push for climate neutrality by mid-century.

'We are proud to support Romania's clean-energy transition through our EUR 30 million investment in the Pestera II onshore-wind project. This flagship initiative not only enhances Romania's renewable-energy capacity but also contributes to the EU's ambitious climate and sustainability objectives. I commend Copenhagen Infrastructure Partners for their leadership in advancing this milestone renewable-energy project, which strengthens energy security, fosters sustainable economic growth and accelerates the green transition. Together, we reaffirm our unwavering commitment to a more sustainable, resilient and climate-neutral Europe,' EIB Vice-President Ioannis Tsakiris is quoted in the release as saying.

The co-investment reflects the EIB's commitment to financing climate action and sustainable economic growth across Europe.

'We expect that Pestera II will deliver long-term affordable power that strengthens Romania's energy independence and supports the country's decarbonisation goals. Beyond that, we look to expand CIP's presence in Romania's energy transition with further investments,' said Radu Gruescu, Partner at CIP.

CIP is the world's largest dedicated fund manager for greenfield renewable-energy investments, with expertise in offshore and onshore wind, solar photovoltaic (PV), biomass and other forms of sustainable energy. CIP has raised around EUR 32 billion from more than 160 institutional investors and manages a portfolio of transformative clean-energy projects around the world.

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, EIB finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the European Union, and the capital markets union.

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 in 2024, boosting Europe's competitiveness and security.

All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in the bank's Climate Bank Roadmap. Almost 60% of the EIB Group's annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Fostering market integration and mobilising investment, the Group supported a record of over EUR 100 billion in new investment for Europe's energy security in 2024 and mobilised EUR 110 billion in growth capital for startups, scale-ups and European pioneers. Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. AGERPRES (RO - writing by: George Banciulea; EN - writing by: Adina Panaitescu)