The project concluded a 15-year contract for difference (CfD) for 245 MW of its capacity in December 2024. It is expected to reach commercial operations in 2028.

The project finance comprises facilities of approximately €510 million provided by a consortium of seven local and international commercial banks: Erste Bank and BCR, Deutsche Bank, Societe Generale and BRD, Eurobank, and Piraeus Bank. Equity is funded by the project owners: GMF II and two co-investors, the European Investment Bank and a Danish pension fund. Main construction contracts have been entered into with Nordex, as the turbine supplier for 56 of its N163-6.X 7.0 MW turbines, and Electrogrup, as the balance of plant contractor. Blue Power Partners will provide construction management services.

"Peștera II has reached financial close, a critical milestone for the project and the renewable energy sector in Romania," said Radu Gruescu, Partner at CIP. "Through bankable regulatory frameworks such as EU-supported contracts for difference, Romania can attract the institutional capital necessary to deliver the country's objectives of achieving energy security and affordability."

"The financial close on Peștera II, one of the largest non-recourse renewable energy financings in CEE, represents another investment under CIP's Growth Markets Fund II," said Niels Holst, Partner at CIP and Co-head of the Growth Markets Funds. "We look forward to building on this with further investments in Romania and the broader region."