DRI, the European renewables arm of Ukrainian energy company DTEK, has received the commercial operating license for its 126MWp Văcărești solar park from Romania's national energy regulator, the Romanian Energy Regulatory Authority (ANRE), marking the formal start of full commercial operations at the facility.

A Portfolio Milestone in Romania

The granting of the commercial operating license brings DRI's total installed and operational capacity in Romania to 299MW, cementing the company's standing as a leading independent power producer in the country.

The Văcărești park, developed in Dâmbovița County, is the fourth major renewable energy project DRI has brought into operation in Romania and the third solar facility in its domestic portfolio.

DRI's CEO, Murat Cinar, described the achievement as a defining moment for the company. "Achieving 299MW of operational capacity in Romania in such a short timeframe is a major milestone for DRI and a clear demonstration of our execution speed, engineering expertise, and disciplined investment approach," he said in a statement issued.

Cinar also pointed to the broader strategic context, noting that the portfolio is "contributing to Romania's energy transition by reducing reliance on imported fossil fuels and helping stabilize energy costs," which he described as particularly important given ongoing geopolitical pressures on European energy markets.

Project Specifications and Environmental Impact

The Văcărești solar park has a nameplate capacity of 126MWp and is expected to generate sufficient clean electricity to supply approximately 50,000 households annually. The facility is also projected to avoid around 48,600 tonnes of CO₂ emissions each year, contributing to Romania's broader decarbonisation objectives.

The project represents the largest single addition to DRI's Romanian portfolio to date and follows a pattern of rapid project delivery that the company says reflects its integrated development model, encompassing in-house engineering, project management, financing, construction, and commercial operation.

Four Projects Built in a Short Window

The commissioning of Văcărești completes a run of four renewable energy projects that DRI has developed, financed, constructed, and brought into commercial operation in Romania within a short number of years.

The portfolio now comprises the Glodeni I solar park, rated at 53MWp with an AC capacity of 49.05MW, and the adjacent Glodeni II facility at 60MWp and 49.9MW AC, which together form one of the largest solar complexes in Romania.

The portfolio also includes the 60MW AC Ruginoasa onshore wind farm, which DRI describes as the first wind project to be built in Romania in a decade. The company has stated that this track record demonstrates what it characterises as an ability to execute large-scale renewable projects efficiently and at scale.

Financing Structure and Banking Partners

The Văcărești solar park was financed through a non-recourse financing package of up to USD 69.84 million, provided by UniCredit and Garanti BBVA. DRI said the transaction further validates its ability to structure bankable projects and attract international financial institutions to its Romanian operations.

Non-recourse financing structures, in which lenders rely on the revenues and assets of the specific project rather than the broader corporate balance sheet of the developer, are considered a benchmark of project finance credibility in the renewables sector.

Long-Term Revenue Secured Through PPA with OMV Petrom

Revenue visibility for the Văcărești park has been secured through a long-term power purchase agreement with OMV Petrom S.A., one of Romania's largest energy companies.

Under the terms of the deal, which DRI describes as the largest physical solar PPA ever signed in Romania, 50 percent of the electricity generated by the Văcărești facility will be sold to OMV Petrom beginning in January 2027. DRI said the agreement secures stable cash flows and supports the long-term financial sustainability of the project.

Battery Storage and Further Expansion on the Horizon

Beyond its existing operational portfolio, DRI has indicated it intends to continue expanding its footprint in Romania. The company has highlighted battery energy storage systems, known as BESS, as a key area of future development in the country, with the stated aim of supporting greater flexibility and resilience within the Romanian national grid. DRI is also active across other European markets.

The company recently announced a partnership with DCH for the development of two agrivoltaic plants totalling 92MWp in the Italian regions of Apulia and Molise, and a BESS project in Myślachowice, Poland has attracted coverage in regional media outlets there.

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