European Energy has reached financial close on a long-term portfolio financing package exceeding EUR 70 million (US$ 80 million) to support the development and construction of two utility-scale solar PV projects in Australia.
The financing facility backs two solar developments: the 106 MW Lancaster Solar Park, currently under construction in Victoria, and the 31 MW Mulwala Solar Park in New South Wales, which is set to begin construction in Q3 of 2025. Together, these projects will add a total of 137 MW of renewable energy capacity to the National Electricity Market (NEM), supporting Australia's transition toward a lower-carbon electricity system. The Lancaster and Mulwala solar farms are expected to generate clean electricity equivalent to the annual consumption of over 30,000 Australian households, while offsetting a significant amount of carbon emissions during their operational lifetime.
The financing has been provided by Westpac Banking Corporation and DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main, Singapore Branch, both of which bring extensive experience in the financing of renewable energy infrastructure across the region. Financial close was achieved on 6 June 2025.
Country updates
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