Vacaresti solar park (photo: DRI)
Renewable energy firm DRI has secured financing for the construction and operation of its Vacaresti solar park in Romania.
DRI, UniCredit and Garanti BBVA have signed an agreement for non-recourse loans of up to EUR 60 million to finance the construction and operation of the Vacaresti solar park in Romania.
DRI is Ukraine-based DTEK’s renewables subsidiary in the European Union.
The loan is inclusive of a long-term, fully amortizing construction and term loan, value-added tax, a debt service reserve facility, and the letter-of-credit facilities, according to the firm.
The project is expected to come online in the autumn
The loan structure is aligned with Green Loan Principles and the European Union’s Taxonomy Alignment Criteria, DRI added. It serves as a cornerstone of the EU’s sustainable finance framework and a key tool for market transparency, by providing clear guidelines for direct investments that support the green transition in line with the objectives of the European Green Deal, the press release reads.
The solar power plant will be located in the Văcărești area in Dâmbovița county. The project is for 126 MW in peak capacity, enough to power about 50,000 households and avoid 48,600 tonnes of carbon emissions per year. Construction kicked off in January 2025 and the project is expected to be online in the autumn.
The buyer of 50% of the electricity output is oil and gas company OMV Petrom. The deliveries will start in January 2027. It is a part of Romania’s largest physical solar power purchase agreement (PPA), signed last December, DRI noted.
Geliukh: DRI is demonstrating its capability to partner with globally renowned financial institutions
“With the signing of this project financing agreement, we have reached another important milestone: this is DRI’s first internationally led syndicated financing, our first certified green loan, and our first multi-currency loan,” DRI CEO Ivan Geliukh stressed.
In his words, it is an important achievement not only for DRI but also for Romania, contributing to the development of renewable energy in the country.
With the project, DRI is demonstrating its capability to partner with globally renowned financial institutions like UniCredit, and with Garanti BBVA, one of Romania’s leading local lenders, according to Geliukh.
DRI has three operational projects in Romania
In Romania, DRI has three operational projects with a total peak capacity of 173 MW. Solar parks Glodeni I and Glodeni II have a combined installed capacity of 113 MW. They are one of the largest renewable energy sites in the country, according to the company.
The 60 MW Ruginoasa wind farm was built in just 10 months. It was the first in the country after a decade, according to the firm.
DRI now has a 1.3 GW portfolio of projects in operation, construction and other stages of development. The company is also active in Croatia.
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