DTEK has signed a €25m non-recourse financing agreement with Kommunalkredit Austria to support construction and operation of its 60MW solar park in Romania.
Proceeds from the financing will be used to fund a portion of required capital expenditures, along with refundable VAT.
Glodeni 2, in Mures county, is the second solar park developed by DRI, DTEK’s subsidiary, in Romania, with construction managed by DRI’s in-house team.
The project will be commissioned in early 2025.
Glodeni 2 will be located alongside DRI’s operational 53MW solar park in the same region, Glodeni 1.
The two projects combined will make it one of the largest solar parks in the country.
This is DRI’s second financing with Kommunalkredit.
In 2023 the bank provided DRI with a €55m finance package for the construction of a 60MW wind farm in Ruginoasa, Iasi county, Romania.
The wind farm became operational in December 2023.
DRI CEO, John Stuart, said: “We are grateful to have a trusted financial partner in Kommunalkredit that joins us in the mission to accelerate the energy transition across Europe and specifically in Romania, where DRI will look to deliver 1GW of renewables and battery storage by 2030.
“Having the support of Kommunalkredit on a second project is a testament to DRI’s hard work and prior success, with DRI swiftly becoming one of the biggest RES players in the country.”
Volker Kruse, head of banking at Kommunalkredit, added: “We are delighted to strengthen our partnership with DRI on yet another significant renewable energy project in Romania.
“Supporting the development of green infrastructure aligns perfectly with our mission to drive sustainable growth and accelerate the energy transition across Europe.
“Glodeni II represents a key step toward Romania’s clean energy goals, and we are proud to contribute to a project that will deliver meaningful environmental and economic benefits to the region.”
In the new year DRI will start the construction of a fourth project in Romania, a 126MW solar park near Bucharest.