First of all, if that directory was set during the installation, it means it is valid in your Server 2008 instance. Could you confirm it works in your 2008 instance? If it works, could you check the directories/files in the root directory for D:\ in case it differs between the 2008 and 2016 server? If it is not the same, you could try to replicate the file structure.
If that does not work, you have two options:
Fix installation directory (easier)
Replace all files inside
D:/Redmin.install.folder that contain
D:\REDMIN~1.FOL, with the proper value.
After that you should be able to start the services. But be sure to keep a backup of the original files.
Migrate Redmine files and database contents to a new instance
Instead copying the entire Bitnami directory, we'll only copy the Redmine data. In order to do this, follow this guide: https://docs.bitnami.com/installer/apps/redmine/administration/upgrade/ (same as upgrade instructions, as your current Redmine version may not be available for download anymore)