DRI, the renewable energy arm of DTEK Group of Ukraine, has 1.4 GW of projects in operation and development, out of which 173 MWp are in Romania already in final stages and another 126MWp under construction, says Ivan Geliukh, CEO of DRI. ”We signed the largest ever physical solar off-take agreement in Romania with OMV, combining three PPAs over 8.5 years for approximately 100GWh per year at a fixed price, including the sale of physical electricity and guarantees of origin. In addition to this great example and others like it in the market, it’s also important to acknowledge the challenges in making the Romanian PPA market more liquid,” Geliukh says.
How did DRI develop internationally? What are its plans and investments for CEE? How about Romania?
Ivan Geliukh, CEO of DRI
DRI is the renewable energy arm of DTEK Group, the largest private energy investor in Ukraine. Founded in Amsterdam in 2021, DRI’s mission is to accelerate Europe’s energy transition by reducing reliance on fossil fuels, focusing on high-potential markets across the continent. Leveraging both international and local expertise, we are rapidly advancing our projects, with 1.4 GW of wind, solar and battery storage in operation, construction or under development.
In Romania, we have quickly established ourselves as one of the most agile investors in renewables, with our two operational and one project under grid testing procedure totaling 173MWp and a further 126MWp under construction. We proudly completed the country’s first wind farm in a decade, a 60MWp project in Ruginoasa, Iasi County, which was built in just 10 months. Our two solar parks, Glodeni I and Glodeni II, form one of the largest renewable energy complexes in Romania.
Looking ahead to 2025, we plan to continue to rapidly expand our renewable energy footprint, not only in Romania, but also in the broader CEE region. n Romania, we continue to focus on advancing renewables projects, with particular emphasis on the successful completion of the Vacaresti Solar Park in Dambovita County (126 MWp). Once operational, the Vacaresti Solar Park is expected to generate 205.8 GWh of electricity per year, enough to power around 50,000 households and avoid 48,600 tons of carbon emissions per year.
Why do you find attractive the Romanian market?
Since I was appointed DRI’s CEO in January, I had the opportunity to appreciate the renewable energy developments that took place in recent years in Romania, and I see the high potential for further development of both renewables and battery storage, also driven by the ambitious targets of the government.
We believe we can have a greater impact in markets like Romania. For example, the Ruginoasa wind project was the first wind farm in the country in a decade, effectively “unfreezing” the market. With the same capital, we would not have been able to make such a significant impact in more mature markets.
Additionally, we have experienced excellent cooperation at both national and local level with the authorities and relevant stakeholders. By working closely with local experts, we have built a strong track record of delivering on our commitments at pace.
Furthermore, as a neighbor, Romania offers strong synergies with our D.Trading business due to its direct connection to the Ukrainian energy infrastructure. This interconnection allows for more efficient cross- border electricity exchanges, enabling better market integration and greater flexibility in managing energy flows between the two countries. Proximity also facilitates access to a wider range of energy sources and markets, helping to optimise trading strategies, improve security of supply and respond more effectively to fluctuations in supply and demand.
What is the typical project you look for in Romania?
In Romania, we focus on renewable projects of a palatable size, typically in the early or mid-stages of development, where we can add add value through an extensive engineering expertise, supply chain, construction management, and flexible capital structure.
In terms of battery storage, we are proactively scouting opportunities, assessing both the technological and commercial aspects of the business model. We are particularly interested in co-location for the current projects, as well as greenfield storage developments.
Our ambition is to continue expanding our investments in Romania, building a significant and balanced portfolio.
What are the problems you have encountered since entering the Romanian market?
Romania has made significant progress in the development of renewable energy, and I strongly believe there are clear opportunities to accelerate this. However, there are areas for improvement, and I’d like to emphasise that for us, as an investor, a more stable and predictable regulatory framework is key. This would not only encourage long-term investments, but also further investments in grid modernisation, which is essential to ensure the smooth integration of renewable energy into Romania’s power grid.
We really appreciate the recently developed government incentives for RES and BESS build out through the Modernisation Fund. Whilst these developments are good for investors, further clarity on them, would be helpful to move some of our proposed projects forward.
How do you find the PPA and CfD instruments market in Romania: below expectations, satisfactory or very well developed and why?
PPAs are an important instrument for accelerating both investment and decarbonisation by providing long-term predictability for companies and improving the bankability of renewable energy projects. At DRI, we offer long-term PPA agreements at competitive prices, backed by significant available volumes. For example, we signed the largest ever physical solar off- take agreement in Romania with OMV, combining three PPAs over 8.5 years for approximately 100GWh per year at a fixed price, including the sale of physical electricity and guarantees of origin.
Physical delivery will commence in January 2026, with OMV Petrom purchasing 62% of the energy produced by our Glodeni I and Glodeni II solar plants. From January 2027, OMV Petrom will purchase 50% of the production from DRI’s Vacaresti 126MWp solar project.
In addition to this great example and others like it in the market, it’s also important to acknowledge the challenges in making the Romanian PPA market more liquid.
Romania is not part of the AIB Guarantees of Origin and the current legislation does not allow the direct transfer of guarantees between producer and consumer, but however allows that the GOOs to be transferred together with the physical electricity delivery to a supplier, that will further transfer them to a consumer. The Romanian government is working on this, which is a good step forward.
In addition, balancing costs in Romania are very high and very volatile, making parties reluctant to enter into long-term commitments.
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The interview first appeared in the printed edition of Energynomics Magazine in late March 2025.
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