European Energy achieves financial close for Mokoan Hybrid Solar Farm and Battery Project in Australia

European Energy has secured non-recourse project financing from Deutsche Bank, refinancing the operational 58MWp Mokoan Solar Farm and funding construction of an 80MWh co-located battery storage system in Victoria, Australia.

• Non-recourse financing package secured with Deutsche Bank, including term facility, hedging and customary ancillary facilities.

• Package refinances existing debt on the operational 58 MW Mokoan Solar Farm and supports construction of the co-located 40 MW/80 MWh battery storage system.

• Mokoan Solar Farm has been fully operational since June 2025, generating approximately 113 GWh of electricity annually.

• Project was selected under the Australian Government’s Capacity Investment Scheme (CIS), providing long-term revenue support.
  

Copenhagen, Denmark / Melbourne, Australia, 20 July 2026 – 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.

The Mokoan Solar Farm is located on 94 hectares of land approximately 25 kilometres south-west of Wangaratta in northern Victoria. The 58 MW solar farm has been fully operational since June 2025 and generates approximately 113 GWh of electricity annually — enough to power more than 18,000 homes. 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.

“Reaching financial close on Mokoan is an important milestone for our Australian portfolio. 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,” said Catriona McLeod, Managing Director of European Energy Australia.

“We are proud to support projects that enable greater renewable energy integration and contribute to Australia’s energy transition. 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.

 “Assets that combine stable production with operational flexibility are increasingly attractive to institutional investors, and Australia remains a core part of our long-term growth strategy,” said Jens Peter Zink, Deputy CEO of European Energy. “Our battery portfolio is expanding across markets, and securing financing for this co-located storage system in Australia is an important milestone.”

The Mokoan financial close follows European Energy’s recent announcement of financial close for the Winton North Solar Farm with Battery project. 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. Since 2019, Deutsche Bank’s Corporate Bank has supported the financing of more than 12 GW of renewable energy assets across Australia.

About European Energy
European Energy is a Danish renewable energy company that develops, constructs, finances, and operates renewable energy projects across wind, solar, Power-to-X, and battery storage in more than 25 countries. The company covers the full value chain from project development through to asset management and operations. European Energy has a global pipeline of approximately 65 GW and is active across Europe, Australia, North America, and beyond.

Contact

Daniel Azaria
+45 71 49 74 13
daz@europeanenergy.com