European Energy achieves financial close for Australian solar project
Deutsche Bank has provided a non-recourse financing package to refinance the existing debt on the operational Mokoan Solar Farm in Victoria, Australia, and support construction and operation of the co-located 40 MW/80 MWh BESS.
Danish renewable energy company European Energy has reached financial close on the Mokoan Hybrid Solar Farm and Battery Project in Victoria, Australia. Deutsche Bank has provided a non-recourse financing package to refinance the existing debt on the operational Mokoan Solar Farm and support construction and operation of the co-located 40 MW/80 MWh battery storage system, European Energy said in a press release.
The 58 MW solar farm has been fully operational since June 2025 and generates approximately 113 GWh of electricity annually. The project was selected under the Australian Government’s Capacity Investment Scheme (CIS), which provides long-term revenue support for renewable energy projects.
The co-located 40 MW/80 MWh battery storage system is AC-coupled to the solar farm and is now moving into construction. Once operational, it is expected to support grid stability and greater integration of renewable energy into the Victorian grid, the press release said.
“Reaching financial close on Mokoan is an important milestone for our Australian portfolio,” said Catriona McLeod, Managing Director of European Energy Australia. “Deutsche Bank’s support spans both the refinancing of the operational solar farm and the construction financing for the battery storage system, giving us a strong foundation for the next phase of the project.”
“This transaction demonstrates our ability to deliver integrated financing solutions across the project lifecycle, supporting clients as they develop critical energy infrastructure,” said Rachel Chia, Head of Project Finance, APAC at Deutsche Bank.
European Energy Australia currently has a renewable energy pipeline of approximately 10 GW, with projects at various stages from early investigation through to fully operational.
“Our battery portfolio is expanding across markets, and securing financing for this co-located storage system in Australia is an important milestone,” said Jens Peter Zink, Deputy CEO of European Energy.
