Renewable energy company DRI has secured up to €60 million in financing from UniCredit and Garanti BBVA for the construction of a 126 megawatt (MW) solar park in Dambovita County, Romania, the company said on Tuesday.
The Vacaresti solar project marks several firsts for DRI, including its first internationally led syndicated financing, its first certified green loan, and its first multi-currency loan package.
The financing is structured as a non-recourse package, comprising construction and term loans, a VAT facility, a debt service reserve facility, and letters of credit, all aligned with the Green Loan Principles and EU Taxonomy criteria.
Construction of the solar park began in January 2025, with completion and commissioning scheduled for autumn this year. Starting in January 2027, DRI will sell 50% of the plant’s output to OMV Petrom under what the company describes as Romania’s largest physical solar power purchase agreement (PPA), signed in December 2024.
“This agreement is an important milestone not only for DRI but also for the Romanian renewables sector,” said Ivan Geliukh, CEO of DRI. “It shows that we can successfully partner with major international financial institutions to accelerate the energy transition.”
Once operational, the Vacaresti project is expected to generate enough electricity to supply around 50,000 households and reduce annual carbon dioxide emissions by approximately 48,600 tonnes, according to the company.
DRI currently operates three other solar projects in Romania with a combined capacity of 173MW, and its broader portfolio across priority markets totals 1.3 gigawatts (GW).
