DRI, an Amsterdam-based renewable energy company and a subsidiary of the DTEK Group, secured non-recourse loans of up to €60 million (~$70 million) to finance the development and construction of the 126 MW Vacaresti solar project in Romania.
UniCredit and Garanti BBVA provided the loan, which is structurally aligned with Green Loan Principles and the EU Taxonomy Alignment Criteria.
The project, with an installed capacity of 126 MWp, is located in Dambovita County. Construction of the Vacaresti project began in January this year, with commercial operation expected in the autumn.
DRI will sell 50% of the electricity produced from the Vacaresti solar project to OMV Petrom, an integrated energy producer, from January 2027, as per the power purchase agreement signed last December.
Ivan Geliukh, CEO of DRI, said, “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. This is an important achievement not only for DRI but also for Romania, as this will contribute to further development of renewables in the Country. With this project, we are demonstrating our capability to partner with a globally renowned financial institution like UniCredit, and with Garanti BBVA, one of Romania’s leading local lenders”.
Last year, the company 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, Mureș County, Romania.
DRI also acquired a 166 MWp solar portfolio in Sardinia, Italy, in December last year. The portfolio, named Project Nox, comprises four solar projects acquired from Enerland, a solar engineering, procurement, and construction firm. Construction is scheduled to commence in the second half of 2026.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
