European Energy gets funding for Australian solar project
Two massive solar photovoltaic (PV) projects in Australia will get funding from a long-term portfolio financing deal that European Energy has closed on, totalling more than €70 million (AUS$130 million).
Australian solar PV projects financing is crucial for the nation’s energy shift, as demonstrated by two solar parks, one in Victoria and the other in New South Wales—the Mulwala Solar Park with 31 MW and 106 MW, respectively—both supported by the finance contract. In the third quarter of 2025, construction is expected to begin on the Mulwala project, further highlighting the importance of Australian solar PV projects financing.
The National Electricity Market (NEM) will get 137 MW of renewable energy from these projects, assisting Australia in its efforts to eliminate carbon emissions from its electrical sector and underscoring the growing significance of Australian solar PV projects financing in the country’s transition to sustainable energy.
Contributions were received by the project from Westpac Banking Corp., Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, and DZ BANK AG. Both financial institutions are well-versed in lending to local renewable energy initiatives.
June 6, 2025, was the date of the financial shutdown.
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.
Solar farms at Mulwala and Lancaster are projected to provide enough clean energy to power over 30,000 Australian households for a whole year while also reducing emissions of carbon dioxide. During the building phase, the projects are anticipated to boost local supply chain activity and create more employment.
European Energy is putting a lot of effort into wind, solar, and storage projects in Australia in order to increase its share of the renewable energy market there. The abundance of solar resources, robust grid infrastructure, and steadily improving regulatory climate in Australia give the country high hopes for the future of the renewable energy industry, according to the firm.
As we continue to grow our international portfolio, transactions like this demonstrate our ability to execute bankable, investment-grade renewable energy projects across Australia, added Jens Peter Zink, Deputy CEO of European Energy.