Business Forum • 13 August, 2025 at 4:30 PM
DRI, the EU renewables arm of DTEK, has secured a €60 million equivalent loan from UniCredit and Garanti BBVA to finance the construction of the Văcărești solar park in Romania.
This agreement marks several firsts for DRI: it is the company's first internationally led syndicated financing, its first certified green loan, and its first multi-currency loan.
The photovoltaic park, with an installed capacity of 126MWp, will generate enough energy to power approximately 50,000 households and prevent 48,600 tonnes of carbon emissions annually. The project's construction began in January 2025 and is expected to be operational by autumn of the same year.
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 globally renowned financial institutions like UniCredit, and with Garanti BBVA, one of Romania's leading local lenders.”
The loan's structure adheres to Green Loan Principles and the EU Taxonomy Alignment Criteria, a key element of the EU's sustainable finance framework. The financing includes a long-term, fully amortizing construction and term loan, VAT, Debt Service Reserve Facility, and LC facilities.
Additionally, DRI will sell 50% of the solar park's output to OMV Petrom starting in January 2027, as part of Romania's largest physical solar power purchase agreement.
The company has already established a portfolio of onshore wind, solar, and battery projects, and currently operates three projects in Romania: two solar parks and a wind farm.