DRI Secures €24.7M for Romanian Solar Project

• DTEK’s DRI secures €24.7M financing for Glodeni II solar project, set to power 22,400 homes and reduce CO2 by 21,800 tonnes annually. Clean energy expansion underway in Romania!

DTEK's EU renewables division, DRI, has secured €24.7 million ($25.9 million) in non-recourse financing from Austrian lender Kommunalkredit for a 60-MWp solar project in Glodeni, Romania. This funding will cover part of the capital expenses and refundable VAT for the new Glodeni II project, which DRI acquired from Finas Group earlier this year. The project's commissioning is anticipated in early 2025 and will power approximately 22,400 homes while annually reducing CO2 emissions by 21,800 tonnes.

Additionally, DRI plans to begin construction of a 126-MWp solar farm near Bucharest next year, marking its third project in Romania and adding to its portfolio that includes a 60-MW wind farm in Ruginoasa. The development of Glodeni II will position it alongside the existing 53-MW Glodeni I solar facility, creating one of the largest solar power complexes in the country.

>How will DTEK's Glodeni II project impact renewable energy capacity in Romania?

How DTEK's Glodeni II Project Will Impact Renewable Energy Capacity in Romania

• Increased Capacity: The Glodeni II project will add 60 MW of solar capacity to Romania's existing renewable energy infrastructure, which is crucial for meeting the country's growing energy demands and transitioning to greener energy sources.
• Support for National Goals: Romania has set ambitious targets for renewable energy generation as part of its commitments to the European Union's climate objectives. The addition of the Glodeni II project will aid in fulfilling these commitments and advancing national energy goals.
• Job Creation: The construction and operation of the Glodeni II facility are expected to create numerous jobs in the local economy. This includes opportunities in construction, maintenance, and operational roles, which can contribute to economic growth in the region.
• Energy Security: By diversifying its energy mix, Romania can improve its energy security. Increased solar capacity through projects like Glodeni II will reduce the country's reliance on fossil fuels and enhance its ability to supply clean energy to both residential and commercial users.
• Environmental Benefits: The project will help decrease greenhouse gas emissions significantly. With an estimated reduction of 21,800 tonnes of CO2 annually, Glodeni II aligns with global efforts to combat climate change and improves air quality, benefitting public health.
• Grid Modernization: The integration of the new solar facility may drive investments in grid infrastructure and modern technologies, improving the efficiency and reliability of electricity distribution and management across Romania.
• Investment Attraction: Successful financing and development of Glodeni II can attract further investments into Romania's renewable sector. Establishing a reliable track record for solar investments may encourage more international and domestic investors to participate in the market.
• Innovation and Best Practices: The project exemplifies advancements in solar technology and project execution, potentially serving as a model for future renewable projects across Romania and Eastern Europe.
• Community Engagement: DRI's initiative may include community outreach and engagement efforts, fostering local support for renewable energy solutions and ensuring that the benefits of these projects are recognized by local residents.
• Synergy with Existing Infrastructure: Glodeni II will complement the existing 53-MW Glodeni I facility, creating a larger solar complex that enhances operational efficiency and energy output, setting a precedent for future large-scale solar developments in Romania.