European Energy secures finance for Australian solar projects
European Energy, based in Denmark, has successfully secured a €70 million ($A130 million) financing package for two solar projects situated in Victoria and New South Wales. The funding, announced recently, is being provided by Australia’s Westpac and the Singapore branch of Germany’s DZ Bank. This financial support will aid in the development of the 106 MW Lancaster solar project in Victoria, which is currently in progress. Additionally, the funds will contribute to European Energy’s smaller 31 MW Mulwala solar project in NSW, with plans to commence construction in the third quarter of this year.
Both the Lancaster and Mulwala solar projects are anticipated to be completed by 2026. Catriona McLeod, the country manager for Australia at European Energy, expressed the company’s satisfaction in fortifying their development initiatives with the backing of reputable financial partners. European Energy acquired these two projects in the latter part of 2024 as part of a two-project portfolio from Swedish developer OX2. The initial development work was overseen by Shell, who included these projects in a broader portfolio sale in 2023.
Expansion and Growth
Jens Peter Zink, Deputy CEO of European Energy, highlighted the company’s commitment to expanding its international portfolio. He emphasised their capability to deliver viable, investment-grade renewable energy projects in Australia. Since its establishment in Copenhagen in 2004, European Energy has cultivated a substantial global clean energy pipeline, boasting a claimed size of 60GW, with approximately 9GW of this capacity located in Australia.
The company’s interest in the Australian market is fuelled by the region’s abundant solar resources, well-established grid infrastructure, and the increasing policy support for renewable energy investments. European Energy’s presence in Australia dates back to 2013, contrary to a previous error in stating 2014 as the establishment year.
Matthew Biss, a dedicated freelance researcher and reporter with a keen interest in the global energy transition and emerging technologies, provided this insightful update on European Energy’s recent financing achievements for their solar projects in Australia.
