European Energy, a renewable energy project developer, reached financial closure of more than €70 million (~$80.72 million) to support the development and construction of two utility-scale solar projects in Australia.
The financing was provided by Westpac Banking Corporation and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Singapore Branch.
The financing will be used for the development of the 106 MW Lancaster solar project, currently under construction in Victoria, and the 31 MW Mulwala solar project, located in New South Wales. The construction of the Mulwala project is expected to begin in the third quarter of 2025.
Once operational, the projects will produce 137 MW of renewable capacity for the National Electricity Market. The financial close was achieved on June 6, 2025.
“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.”
Last week, European Energy closed a €145 million (~$165 million) long-term loan agreement with SEB Lithuania and Swedbank Lithuania. The loan covers the Telšiai I and Telšiai II onshore wind projects, each with an installed capacity of 60 MW, as well as the 78.5 MW Anykščiai solar project.
In addition, the company also announced that it has entered into an agreement with Energix Group to sell 470 MW of solar and wind capacity in Lithuania in March this year. European Energy will develop the projects and expects to reach the ready-to-build stage within a few months. The transaction is expected to be completed later this year.
According to Mercom’s Q1 2025 Solar Funding and M&A report, announced large-scale project funding increased by 27% in Q1 2025 compared to Q1 2024.
