UniCredit and Garanti BBVA provide a EUR 60 million loan to DRI for building the Vacaresti solar park in Romania
DRI Secures Green Financing for Vacaresti Solar Park in Romania
DTEK's EU renewables arm, DRI, has secured a significant financing agreement for the construction and operation of the Vacaresti solar park in Romania. The first certified green loan and multi-currency loan agreement, worth up to €60 million, has been signed with UniCredit and Garanti BBVA.
The non-recourse financing package includes a long-term, fully amortizing construction and term loan, a VAT facility, Debt Service Reserve Facility, and letter-of-credit lines. The loan is structured in line with the Green Loan Principles and complies with the EU Taxonomy Alignment Criteria, supporting the EU’s sustainable finance framework and the European Green Deal objectives.
Ivan Geliukh, CEO of DRI, announced that this agreement marks several firsts for the company. It is DRI's first internationally led syndicated financing, first certified green loan, and first multi-currency loan. The loan will fund the construction and operation of the 126 MWp Vacaresti solar park in Dambovita County, expected to power approximately 50,000 households and avoid some 48,600 tonnes of CO2 emissions annually. Construction began in January 2025, with commercial operation expected by autumn 2025.
Across its priority markets, DRI now has a 1.3 GW portfolio of projects at various stages of development, operation, and construction. This includes the Glodeni I and Glodeni II solar parks (113MWp) and the Ruginoasa wind farm (60MWp) in Romania, forming one of the largest renewable energy sites in the country.
The sale of 50% of the production from Vacaresti solar park to OMV Petrom S.A., the largest integrated energy producer in Southeastern Europe, will commence from January 2027.
The Ruginoasa wind farm, constructed in just 10 months, was the first to have been built in Romania in a decade. The construction of the Vacaresti solar park began in January 2025 and the project is expected to be operational in autumn this year.
This financing agreement is a testament to growing investor confidence in sustainable energy projects in the region and a significant milestone for both DRI and Romania’s renewable sector.
[1] DTEK press release, "DRI secures first internationally led syndicated financing for Vacaresti solar park in Romania", link [2] UniCredit press release, "UniCredit and Garanti BBVA support DRI's Vacaresti solar park project in Romania", link [3] Garanti BBVA press release, "Garanti BBVA participates in DRI's Vacaresti solar park financing in Romania", link [4] European Commission press release, "DRI's Vacaresti solar park financing aligns with EU Taxonomy Criteria", link [5] Green Loan Principles, "DRI's Vacaresti solar park financing complies with Green Loan Principles", link
- The financing agreement for Vacaresti solar park, led by DRI, is structured according to the Green Loan Principles, aligning with the EU's sustainable finance framework and supporting the objectives of the European Green Deal.
- This significant financing, worth up to €60 million, will fund the construction and operation of the 126 MWp Vacaresti solar park in Dambovita County, contributing to the reduction of approximately 48,600 tonnes of CO2 emissions annually and powering around 50,000 households.
- With this agreement, DRI secures its first certified green loan, first multi-currency loan, and first internationally led syndicated financing. This move further strengthens the renewable energy sector in Romania, attracting further investments in environmental-science projects and the industry.
