project finance brief

DRI, an Amsterdam-based renewable energy company and a subsidiary of DTEK Group, announced the acquisition of a 126 MW solar project in Văcărești, Dâmbovița County, Romania, from local developers. Construction of the Văcărești solar project is expected to begin in autumn 2024 and commence operations the following autumn.

Once operational, the project is expected to produce 205.8 GWh of electricity. The local developers have secured the land, grid connection, and necessary permits for the project.

With this project acquisition, DRI has expanded its total renewable portfolio to 239 MW in Romania. This is DRI’s third renewable energy project in Romania. The other two projects have been operational since the beginning of the year, comprised of a 53 MW solar project in Glodeni, Mureș County, and a 60 MW wind project in Ruginoasa, Iași County.

“The Văcărești project demonstrates DRI’s ambition to become a significant player in Romania. We believe that Romania has the means to become a hub for renewable energy, and the new Contract for Difference scheme encourages companies like DRI to continue to invest and help unlock Romania’s solar and wind energy potential,” said John Stuart, CEO of DRI.

According to Mercom’s Q1 2024 Solar Funding and M&A Report, almost 10.8 GW of solar projects were acquired in Q1 2024 compared to 11.9 GW in Q1 2023. In a quarter-over-quarter comparison, 13.7 GW of solar projects were acquired in Q4 2023.

Technique Solaire Group, an independent producer of renewable energy, last week announced the acquisition of ready-to-build solar projects in the Netherlands and Spain with a total capacity of 58 MW. The deal includes the acquisition of 10 solar PV projects; two are located in the Netherlands, while eight are in Spain.