DRI, the European renewables division of Ukrainian DTEK, has secured non-recourse financing of up to 60 million euros from UniCredit and Garanti BBVA for the Vacaresti solar project in Dambovita County.
The financing package includes a 56 million euro long-term construction and term loan, a 4.4 million euro VAT facility, a Debt Service Reserve Facility, and letter-of-credit lines. The structure follows Green Loan Principles and aligns with EU Taxonomy criteria to support European Green Deal objectives.
Construction of the 126 MW plant began in January 2025, with operations expected to start in autumn this year. At full capacity, Vacaresti will supply electricity to around 50,000 households and prevent approximately 48,600 tons of CO2 emissions annually. Starting January 2027, half of the plant’s output will be delivered to OMV Petrom under Romania’s largest physical solar power purchase agreement, signed in December 2024.
DRI already operates three Romanian assets totaling 173 MW: the 113 MW Glodeni I and II solar plants and the 60 MW Ruginoasa wind farm, which was completed in 10 months as the country’s first new wind project in a decade. Across its core markets, DRI now manages a 1.3 GW portfolio of operating, under-construction, and development-stage projects.
