Latest
European Energy acquired the solar PV power plants from OX2 last year. Image: European Energy.
Danish renewables firm European Energy has reached financial close on a 137MW utility-scale solar PV portfolio in Australia.
The financing package is AU$130 million (US$84 million) and will be allocated to two solar PV power plants currently in development and construction.
This article requires Premium Subscription Basic (FREE) Subscription
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
Already a subscriber? Sign In
Regular insight and analysis of the industry’s biggest developments
In-depth interviews with the industry’s leading figures
Unlimited digital access to the PV Tech Power journal catalogue
Unlimited digital access to the Photovoltaics International journal catalogue
Access to more than 1,000 technical papers
Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
Already a subscriber? Sign In
Specifically, the financing will support the 106MW Lancaster solar PV power plant, currently under construction in Victoria, and the 31MW Mulawala project in New South Wales.
Westpac Banking Corporation and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main (Singapore Branch) provided the financing, which was secured on 6 June.
The two projects were acquired from Swedish solar developer OX2 in early September 2024. At the time, it was expected that the two plants would come online sometime in 2026.
Once operational, the cumulative annual production of the solar PV projects is estimated to be about 255GWh. They will connect to the National Electricity Market (NEM).
The Lancaster solar PV project is located 9km east of Kyabram in northern Victoria. Once complete, it will cover 172 hectares. Construction started on the site in March 2025.
Mulwala, on the other hand, is located 2km north of Mulwala, New South Wales, near the border with Victoria. It is near OX2’s 175MW Finley River Solar Farm, the Lancaster Solar Farm, and the 130MW Glenrowan Solar Farm, which is currently in operation.
“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.”
Earlier this year, Spanish inverter manufacturer Ingeteam secured a contract from European Energy to supply its technology to the Lancaster and Mulawala solar PV plants.
Under the terms of the deal, Ingeteam will supply 77 PV inverters to be integrated within 22 medium voltage power transformer stations. Ingeteam will supply the plants with its INGECON SUN Power B Series inverters and commission the equipment and control electronics.
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.
Read Next
Spanish independent power producer (IPP) Sonnedix has launched Project Douro, a 150MW solar plant in Tarouca, northern Portugal.
The China Enterprise Bankruptcy and Reorganization Case Information Network has published a notice regarding creditor claims for Suntech.
Australia-based solar PV module manufacturer Tindo Solar has inked a 15MW solar PV module supply agreement with Vietnam.
Dimension Energy has secured US$360 million in financing to develop a 112MW portfolio of community solar projects across six US states.
US solar tracker manufacturer Array Technologies has acquired APA Solar, a producer of foundations and fixed-tilt racking for solar projects.
The US Senate Finance Committee draft bill is a “stake in the heart” of US solar manufacturing, according to Democrat senator, Ron Wyden.
Subscribe to Newsletter
Most Read
Upcoming Events
Media Partners , Solar Media Events
Media Partners , Solar Media Events
https://www.pv-tech.org/european-energy-secures-au130-million-for-137mw-solar-pv-portfolio-in-australia/
