European Energy has secured over €70m in financing for a pair of solar parks in Australia, totalling 137MW of capacity.
The financing facility will support the development of the 106MW Lancaster Solar Park currently under construction in Victoria, and the 31MW Mulwala Solar Park in New South Wales.
Construction on Mulwala is scheduled to begin in the third quarter of this year.
The financing has been provided by Westpac Banking Corporation and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Singapore Branch.
Financial close was achieved on 6 June.
Country Manager for Australia for European Energy Catriona McLeod said: “Australia is a key market for European Energy, and we are pleased to strengthen our development activities with the support of established financial partners.
“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 company said it sees strong long-term potential in the Australian market.
European Energy Deputy CEO Jens Peter Zink said: “As we continue to grow our international portfolio, transactions like this demonstrate our ability to execute bankable, investment-grade renewable energy projects across Australia.”
