This is DRI's fourth renewable energy project in Romania, bringing the company's renewable energy portfolio in the country to 299MW.
The new project, Glodeni II, is located near the operational 53MW photovoltaic park in the same region, Glodeni I. Together, the two projects will form one of the largest photovoltaic parks in the country. DRI's portfolio also includes a 60MW wind farm in Ruginoasa, Iași County—the first built in Romania in the past decade—and a recently acquired 126MW photovoltaic park in Văcărești, Dâmbovița County, which will begin construction by the end of this year.
The Glodeni II solar park is expected to be operational in the summer of 2025, with preparatory construction work having recently begun. The photovoltaic park is estimated to produce 86.4 GWh of electricity per year, which could cover the consumption of approximately 22,400 homes* and contribute to reducing carbon emissions by 21,800 tons** annually.
For the development of this photovoltaic park, DRI has once again partnered with the Finas Group, which managed the initial phases of the project, including securing the land and obtaining necessary permits, as they did with Glodeni I. DRI will add value through its engineering expertise, supply chain management, construction process oversight, operational agility, and flexible capital structure.
John Stuart, CEO of DRI, stated: "Glodeni II is another important step in DRI's commitment to accelerating the energy transition in Romania, a country well-positioned to maximize its potential and increase its renewable energy capacity. Our goal is to develop a 1GW renewable energy portfolio in Romania by 2030, and we are making rapid progress, with two projects already producing energy and two more under development."
"We thank the Finas Group for partnering with us again on this project. Together, we are making strides toward Romania's goal of 34% renewable energy by 2030."
"The sale of the park to DRI allows us to focus on new development projects, while our partner brings the necessary expertise to manage and operate this significant investment. This collaboration reflects our continued commitment to expanding renewable energy in Romania," said Claudiu Șugar, CEO of Finas Group.
DRI's strategy is to develop projects through the acquisition of greenfield projects (from early stages to ready-to-build) and local partnerships.
