Filip & Company law firm has been providing legal assistance to Copenhagen Infrastructure Partners (CIP) in relation to the development of Peștera II wind project. The project has recently achieved financial close, marking a key milestone in the implementation of one of Romania’s largest renewable energy projects.
Located in Constanța County and having an installed capacity of 392 MW, the Peștera II project is one of the most significant investments in green energy infrastructure in Romania launched this year and one of the largest project finance transactions in Central and Eastern Europe.
The comprehensive legal assistance provided to CIP consisted of structuring and achieving the completion of the M&A transaction for acquiring the project, and advising on regulatory, permitting and land matters for completing the development steps and achieving construction readiness, as well as bespoke support on matters necessary to secure project financing.
The legal advice included coordinating project development matters, the successful participation in the first auction organized by Romania under the Contract for Difference (CfD) scheme, strategic advice for managing the applicable regulatory and permitting stages, and advisory regarding development contracts.
“The continuity of our relationship, the trust placed in us, and the excellent collaboration with the CIP Team are not only something we are grateful for, but also what made the difference in a project with multiple interdependencies and critical deadlines. The scale of the project required the coordination of an impressive number of legal, commercial, and regulatory issues, and successfully managing them relied on the ability of all relevant participants to work in an integrated and solution-oriented manner. We are pleased to have had the opportunity to contribute to achieving important milestones for the CIP team, and we thank them for the trust they have placed in us”, said Cristina Filip, Co-Managing Partner at Filip & Company.
„Our team worked with intense focus, accountability, and discipline to deliver robust, timely, and actionable solutions, always focused on the project’s progress. We had the privilege of supporting the client through key stages and helping to transform an ambitious project into one that is ready for construction and implementation”, said Cristina Filip.
The project benefited from the contribution of one of the largest multidisciplinary teams ever assembled by Filip & Company for a renewable energy project, bringing together attorneys from multiple practice areas over more than two years and reflecting the legal and operational complexity of an investment of this scale. The Filip & Company team was led by Cristina Filip (Co-Managing Partner), with Ioana Roman (Partner) providing strategic oversight on real estate aspects. Mihnea Niculescu (Counsel) coordinated the team’s workstreams, leading on M&A matters and CfD award. Alina Savastre (Senior Associate) coordinated real estate matters, Monica Popa (Senior Associate) led the corporate workstream, while Ilinca Porojan (Senior Associate) led on construction aspects. Roxana Roșca (Counsel) assisted on foreign direct investment matters, Camelia Ianțuc (Counsel) and Sandra Danciu (Associate) provided support on financing matters, and Irina Oprea Șalaru contributed on commercial contracts and environmental matters. The broader energy practice team, including Lavinia Cazacu (Senior Associate), Georgiana Lazăr (Associate), Mălina Palade (Associate), Daria Spătariu (Associate), Mihaela Minodora Bănica (Associate) and Roberto Cazacu (Associate), contributed expertise as required throughout the project lifecycle.
Against a backdrop where energy security, economic competitiveness, and the transition to cleaner energy sources have become strategic priorities for Romania and for all of Europe, projects such as Peștera II are particularly significant. They demonstrate that Romania can attract large-scale institutional investments and transform ambitious renewable energy goals into concrete, financeable, and bankable projects. The successful completion of a financing deal of this magnitude represents not only an important milestone for the project but also a positive signal for the development of the entire local energy sector.