Danish renewables firm European Energy has reached financial close on a 137MW utility-scale solar PV portfolio in Australia.
The financing package is AU$130 million (US$84 million) and will be allocated to two solar PV power plants currently in development and construction.
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Specifically, the financing will support the 106MW Lancaster solar PV power plant, currently under construction in Victoria, and the 31MW Mulawala project in New South Wales.
Westpac Banking Corporation and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (Singapore Branch) provided the financing, which was secured on 6 June.
The two projects were acquired from Swedish solar developer OX2 in early September 2024. At the time, it was expected that the two plants would come online sometime in 2026.
Once operational, the cumulative annual production of the solar PV projects is estimated to be about 255GWh. They will connect to the National Electricity Market (NEM).
The Lancaster solar PV project is located 9km east of Kyabram in northern Victoria. Once complete, it will cover 172 hectares. Construction started on the site in March 2025.
Mulwala, on the other hand, is located 2km north of Mulwala, New South Wales, near the border with Victoria. It is near OX2’s 175MW Finley River Solar Farm, the Lancaster Solar Farm, and the 130MW Glenrowan Solar Farm, which is currently in operation.
“Australia is a key market for European Energy, and we are pleased to strengthen our development activities with the support of established financial partners,” said Catriona McLeod, country manager for Australia for European Energy.
“This financing enables us to deliver two high-quality assets that will contribute meaningfully to the energy transition and support the integration of renewables into the national grid.”
Earlier this year, Spanish inverter manufacturer Ingeteam secured a contract from European Energy to supply its technology to the Lancaster and Mulawala solar PV plants.
Under the terms of the deal, Ingeteam will supply 77 PV inverters to be integrated within 22 medium voltage power transformer stations. Ingeteam will supply the plants with its INGECON SUN Power B Series inverters and commission the equipment and control electronics.
