European Energy Secures Funding for Inaugural Australian Solar Project

European Energy, a Denmark-based company, has achieved financial close for its initial solar project in Australia after signing a contract earlier this year to construct the largest solar project on the country’s main grid. The company has secured project finance debt from Nord/LB’s Singapore branch for the 56 MW Mokoan solar farm, located on grazing land near Winton in Victoria.

Construction of the Mokoan solar farm has already commenced and is anticipated to be finished by the following year. However, this project will be overshadowed by the massive 1.3 GW Upper Calliope solar farm, primarily contracted to mining giant Rio Tinto to support its refineries and smelters in Queensland.

Expressing excitement about this milestone, Catriona McLeod, the country manager for European Energy in Australia, stated, “We are thrilled to reach our first financial close in Australia. We see this as the start of many projects by European Energy in the country. We are eager to leverage our capability across renewable energy development, EPC, financing and operations to contribute to meeting Australia’s renewable energy targets.”

Thorvald Spanggaard, the company’s head of project development, highlighted Australia as a highly promising market for renewable energy projects. He mentioned that European Energy currently has over 5 GW under active development in Australia, with an additional