DRI, an Amsterdam-based renewable energy company and a subsidiary of the DTEK Group, secured €24.7 million (~$25.93 million) in non-recourse financing from Kommunalkredit Austria AG, an infrastructure and energy financing bank in Europe to develop and construct its 60 MW Glodeni II solar project in Glodeni, Mures County, Romania.
According to the company, the solar project will reach commercial operation by early 2025.
The funding proceeds will fund a portion of the required capital expenditures and refundable VAT. Glodeni II is DRI’s second solar project in Romania, and the company’s team will manage its construction. Glodeni II solar project will be located alongside the company’s operational 53 MW Glodeni I solar project.
DRI CEO John Stuart, said, “We are grateful to have a trusted financial partner in Kommunalkredit that joins us in the mission to accelerate the energy transition across Europe and specifically in Romania, where DRI will look to deliver 1GW of renewables and battery storage by 2030. Having the support of Kommunalkredit on a second project is a testament to DRI’s hard work and prior success, with DRI swiftly becoming one of the biggest RES players in the country.”
This week, DRI also announced signing and completing a purchase agreement to develop a 166 MWp solar portfolio in Sardinia, Italy. The portfolio, named Project Nox, comprises four solar projects acquired from Enerland, a solar engineering, procurement, and construction firm.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
