Global law firm Dentons has advised DRI, the EU renewables arm of DTEK, on a €60 million loan from UniCredit and Garanti BBVA for the construction and operation of a 126MWp solar park in Vacaresti, Romania.

The loan agreement comprises a long-term, fully amortizing construction and term loan aligned with the Green Loan Principles and the EU Taxonomy Alignment Criteria and also incorporates VAT, debt service reserve, and letters of credit facilities.

Dentons’ Banking and Finance team in Bucharest managed and coordinated all English and Romanian law aspects of the transaction from structuring to completion.

Partner Simon Dayes led the legal team, assisted by dual-qualified English and Romanian counsel Stefi Ionescu and associate Cristina Staicu.

Real Estate partner Bogdan Papandopol and Energy partner Claudiu Munteanu-Jipescu coordinated the due diligence on the transaction, with assistance from senior associate Isabela Gheorghe, associates Geanina Anghel and Alice Neagu (all Real Estate) and senior associate Angelica Pintilie (Energy).

Simon Dayes commented: "Following our advice to DRI last year on the acquisition of the Vacaresti solar park project, we are delighted to continue our collaboration on this landmark financing, which will support the construction and operation of the project and represents a significant step forward for DRI. This transaction highlights the finance sector’s confidence in the Romanian renewable energy market."

Stefi Ionescu added: “We are delighted to have supported DRI on this financing, which contributes to the expansion of renewable energy in Romania. It has been a privilege to work alongside the DRI team and to be part of the company’s continuing journey in advancing Romania’s clean energy transition.”