Less income, more stability. Why Akhmetov's DTEK is building solar parks in Romania

Rinat Akhmetov's DTEK Group has launched the third solar park in RomaniaThe new facility has a capacity of 126 MW. The project was implemented by a DRI subsidiary, which develops renewable energy. DTEK in EU countries.The investment amount is 60 million euros. DRI received it in the form of a non-recourse financing package from UniCredit and Garanti BBVA.In the EU, renewable energy is less profitable than in Ukraine. So why is the country's largest energy company pursuing European expansion?What is DTEK looking for in Romania?For DTEK, entering the EU market is part of a long-term transformation – from a national energy holding to a transnational company integrated into the European energy market, the company notes."Presence in the European market has always been a key part of DTEK's strategy," explains Pavlo Bilodid, the company's manager for strategic and international communications. "We aim to become a regional leader in Europe, strengthening energy security and the energy transition."Romania is one of its four key priority markets in Europe. The other three are Poland, Italy, and Croatia.As of 2026, DTEK's DRI unit has formed a portfolio of four power plants – one wind and three solar – with a total installed capacity of almost 300 MW.In particular, these are Romania's largest solar parks – Glodeni I and Glodeni II with a total capacity of 113 MW, as well as a new park in Văcărești with a capacity of 126 MW.The 53 MW Glodeni I solar park is located in Mureș County. Construction began in March 2023, and it was connected to the grid in January 2024. The project consists of three solar fields that can provide electricity to approximately 19,000 households. The total investment amounted to 43 million euros.The 60 MW Glodeni II solar park, which was commissioned in December 2024, is located nearby. It supplies electricity to approximately 22,000 homes.The company's website states that DRI will sell 62% of the energy, produced by the Glodeni I and Glodeni II solar power plants of OMV Petrom S.A. This is the largest integrated energy producer in Southeast Europe. An agreement for the purchase of physical solar energy was signed with them in December 2024.The new solar park in Văcărești is the most powerful. It was commissioned in December 2025 and generates 126 MW of energy. It was built in less than a year and, according to the company, it will be able to provide electricity to about 50,000 homes.The company's medium-term plans include over 1.1 GW of solar and wind power plants in Romania, Poland, Italy, and Croatia.Read alsoDTEK, ArcelorMittal, Eco-Optima, and BGV plan to install small nuclear reactors. What could go wrong?What are the earnings in the EU?"Projects in the EU generally have a lower risk level and, consequently, lower returns," says the Ukrainian Solar Energy Association (USEA).The average payback period for solar power plants (SPPs) in the EU, according to data provided by, among others, ASEU members, ranges from approximately two to six years, depending on the country and the level of self-consumption.For industrial systems, this is four to six years, thanks to lower equipment costs and rising electricity prices.In Ukraine, the payback period for solar power plants is shorter – two to four years. The reason for this is high electricity tariffs and quick installation.However, the risks (war, infrastructure) make projects less predictable.According to EU Solar and Bloomberg NEF (2025), investors in the EU typically expect an internal rate of return of 10-15% per annum for renewable energy projects. For projects with batteries or integrated portfolios, this can be up to 15-20%.For solar projects, the rate of return depends on the country: it is higher in Eastern Europe (12-18%) due to growing demand, and lower in Western Europe (8-12%), according to the ASEU.For Ukrainian solar power plants, the profitability rate ranges from 15-25%.Why, then, does DTEK need the European market if earnings there are lower than in Ukraine?Read alsoDoubling or tripling. Top 5 largest electricity sellers in Ukraine in 2025Why are they leaving for the EU?The experts interviewed by the editorial team believe that entering European markets is, first and foremost, a way for DTEK to diversify its risks."The main problem is undoubtedly the war and the associated risks of physical destruction of infrastructure. Investors also have concerns about the financial stability of Ukraine's renewable energy support mechanisms," explains Hennadiy Ryabtsev, Director of Special Projects at the Psychea Scientific and Technical Center.In addition, the EU has access to cheap financing – the latest Romanian DRI project is a case in point. For this project, the company secured a certified "green" loan of up to 60 million euros from UniCredit and Garanti BBVA.DTEK explains that working within the European financial ecosystem is what enables business scaling.An important consequence of the Ukrainian energy company's entry into the EU market is that the company is gaining experience in European regulatory and market conditions and will be able to transfer these practices to Ukraine.Such projects are actually becoming a testing ground for developing interaction with EU regulators, adds Andriy Ursta, General Manager for Market Development at the DiXi Group analytical center.This is confirmed by DTEK. "Our European projects provide invaluable experience, expand our partner network, and facilitate technology exchange – all of which strengthens project development in Ukraine," notes Pavlo Bilodid.Read also"Training those without whom it is impossible to create drones" – an interview with the rector of KPIWhat are the investments in Ukraine?However, DTEK is investing not only in the EU but also in Ukrainian renewable energy. Back in 2021, the company began constructing a 126 MW wind farm on the Tylihul Estuary.In January 2025, it was announced that the company had secured €370 million in loan financing with the support of the Danish Export Credit Agency to expand its wind farm.The plant's capacity will increase to 500 MW, and the project itself will become the largest wind farm in Eastern Europe built in the last decade. After the expansion is completed, the plant will be able to provide electricity to approximately 900,000 households."DTEK invests in Ukraine in those segments that correspond to the future model of the country's entire energy system," says Gennadiy Ryabtsev. "This is also a diversification of business risks," he explains."The future of Ukrainian energy no longer involves the dominance of large thermal power plants, which were DTEK's main asset in previous years," adds Ryabtsev.At the same time, according to Volodymyr Omelchenko, director of energy programs at the Razumkov Centre, in the context of a full-scale war, the focus of the company's investments within the country has objectively shifted to the restoration of destroyed infrastructure."Last year, they mainly invested in Ukraine in the restoration of energy infrastructure – thermal power plants, grids, and systems. About 200 MW of energy storage capacity was also built," Omelchenko notes.

Less income, more stability. Why Akhmetov's DTEK is building solar parks in Romania

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