Dutch DRI acquires 126 MW PV project in Romania

The construction of the Vacaresti solar park, the company's third renewable energy project in Romania, will begin this autumn and is expected to be completed a year later, DRI said in a press release. The solar park will contribute to DRI's goal of reaching a renewable energy capacity of 1 GW in Romania by 2028.

The value of the transaction was not disclosed.

Once operational, the solar PV plant will generate 205.8 GWh of electricity per year, which is enough to power about 50,000 households, and will reduce CO2 emissions by 48,600 tonnes annually.

The sellers have already secured the land, grid connection, and permits necessary for the construction of the solar park.

"The Vacaresti project demonstrates DRI’s ambition to become a significant player in Romania. We believe that Romania has the means to become a hub for renewable energy, and the new Contract for Difference scheme encourages companies like DRI to continue to invest and help unlock Romania’s solar and wind energy potential," DRI CEO John Stuart said.

In March, the European Commission said it approved a 3 billion euro ($3.22 billion) Romanian contract-for-difference (CfD) state aid scheme to support onshore wind and solar PV installations. Under a CfD, aid recipients receive payments if electricity prices fall below a set price. But if prices rise above the set level, they must repay the excess to authorities.

Last week, DRI said it plans to build a 127.5 MW wind farm in Croatia.

DRI already has two projects in operation in Romania - a 53 MW solar farm in Glodeni, Mures county, and a 60 MW wind farm in Ruginoasa, Iasi county, which is the first wind farm built in Romania in a decade.

DRI’s strategy is to develop projects through the acquisition of greenfield projects and portfolios, partnering with local developers, as well as acquiring operating assets where DRI can add value.

($ = 0.9324 euro)