European Energy Begins 56 MW Solar Farm in Victoria, Australia

In a significant move towards expanding its global renewable energy portfolio, European Energy has embarked on its inaugural project in Australia—the development of a 56 MW solar farm in Victoria. This endeavor marks a pivotal moment for both European Energy and Australia's renewable energy sector, as the company seeks to contribute to the country's transition towards a greener and more sustainable energy future.

Situated in the Hume region of Victoria, the solar farm's construction commenced with the breaking of ground, signaling the beginning of what promises to be a transformative project. With an anticipated completion date set for 2025, the solar farm is expected to play a crucial role in bolstering Australia's renewable energy capacity.

The project, known as the Mokoan Solar Farm, received initial development approval from the Benalla Rural City Council in December 2018. Subsequently, an expansion of the project was approved by the Victorian Department of Environment, Land, Water, and Planning in June 2020, further solidifying its position as a significant contributor to Australia's renewable energy landscape.

Spanning across a sprawling 94-hectare site, the Mokoan Solar Farm stands as a testament to European Energy's unwavering commitment to sustainable development. Previously utilized primarily for grazing purposes, the site's transformation into a solar farm underscores the company's dedication to repurposing land for renewable energy generation.

Commenting on the commencement of construction, Catriona McLeod, European Energy's country manager in Australia, expressed her excitement, stating, "We are thrilled to have started construction on our first solar project in Australia. This marks the beginning of many projects by European Energy in the country, and we are eager to leverage our expertise in renewable energy development to contribute to meeting Australia’s renewable energy goals."

The project's financial viability has been further bolstered by the securing of a loan facility from the NORD/LB Singapore Branch with adherence to the Loan Market Association’s Green Loan Principles. This financial backing underscores the confidence of financial institutions in the project's potential to deliver sustainable returns while advancing Australia's renewable energy objectives.

Thorvald Spanggaard, executive vice president of project development at European Energy, echoed McLeod's sentiments, expressing confidence in the project's success. "With our skilled in-house EPC team leading the construction of the Mokoan Solar Farm, we are confident in the project’s success," said Spanggaard. "Australia presents a highly promising market for renewable energy projects."

Indeed, Australia's renewable energy market holds immense potential, with European Energy poised to capitalize on the country's favorable regulatory environment and abundant solar resources. With over 5GW under active development and an additional 3GW in screening, European Energy aims to solidify its position as a leading player in Australia's renewable energy sector.

As construction progresses on the Mokoan Solar Farm and with ambitious plans for further expansion in the pipeline, European Energy's entry into the Australian market heralds a new chapter in the country's renewable energy journey. With sustainability at the forefront of its agenda, European Energy is poised to drive positive change and contribute significantly to Australia's clean energy transition.