European Energy secures financing for solar in Australia

The financing facility supports the Lancaster Solar Park, a 106 MW solar project currently under construction in Victoria, and the Mulwala Solar Park, a 31 MW project located in New South Wales. Construction of the Mulwala project is scheduled to commence in 3Q25.

Combined, the two projects will deliver 137?MW of renewable capacity to the National Electricity Market (NEM), contributing to Australia’s efforts to decarbonise its electricity sector.

The financing has been provided by Westpac Banking Corp. and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Singapore Branch, both of which bring extensive experience in the financing of renewable energy infrastructure across the region.

Financial close was achieved on 6 June 2025.

“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.”

The Lancaster and Mulwala solar farms are expected to generate clean electricity equivalent to the annual consumption of over 30 000 Australian households, while offsetting a significant amount of carbon emissions during their operational lifetime. The projects are also expected to contribute to local employment and supply chain activity during the construction phase.

European Energy is actively expanding its presence in the Australian renewable energy sector through the development of solar, wind, and storage projects. The company sees strong long-term potential in the Australian market, driven by its high solar resource, established grid infrastructure, and growing policy support for renewable energy investment.

“As we continue to grow our international portfolio, transactions like this demonstrate our ability to execute bankable, investment-grade renewable energy projects across Australia,” added Jens Peter Zink, Deputy CEO of European Energy.

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