European Energy has initiated construction on what will be its first operating project in Australia, a 56 MW solar farm, marking the company’s debut operating project in the country. Located in the Hume region of Victoria, this solar farm is expected to provide renewable electricity to over 15,000 households upon completion.
The solar farm will help reduce carbon emissions by more than 85,000 tonnes. Featuring bifacial solar panels, the construction is anticipated to be completed in 2025.
Loan facility from NORD/LB Singopore Branch
“We are thrilled to have started construction on our first solar project in Australia,” said Catriona McLeod, Country Manager for European Energy in Australia.
The project has reached financial close on a loan facility from NORD/LB Singapore Branch, expected to adhere to the Loan Market Association’s Green Loan Principles. NORD/LB acted as MLAUB, Green Structuring Bank, LC provider, Hedge Provider and Agent.
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“With our skilled in-house EPC team leading the construction of the Mokoan Solar Farm, we are confident in the project’s success. Australia presents a highly promising market for renewable energy projects. Currently, we have over 5 GW under active development in Australia and a further 3 GW in screening, and we aim to realize these projects in the coming years,” says Thorvald Spanggaard, Executive Vice President of Project Development at European Energy.
The Mokoan Solar Farm received Development Approval from the Benalla Rural City Council in December 2018. An expansion of the project was later approved by the Victorian Department of Environment, Land, Water, and Planning in June 2020. The 94-hectare site, primarily used for grazing before, underscores the project’s commitment to sustainable development. (hcn)
