European Energy has secured a long-term financing agreement of over EUR 70 million for the development of two solar parks in Australia. The agreement marks another step in the company's expansion into the Australian energy market.
The financing covers the 106 MW Lancaster Solar Park in Victoria and the 31 MW Mulwala Solar Park in New South Wales. Lancaster is already under construction, while Mulwala is expected to begin construction in the third quarter of 2025. The projects will collectively contribute 137 MW to Australia's National Electricity Market.
The financial partners behind the agreement are Westpac Banking Corporation and DZ BANK AG, both of whom have experience in financing renewable energy in the region. The deal closed on 6 June 2025.
- Australia is a key market for European Energy and we are pleased to be able to strengthen our activities with the support of established financial partners, says Catriona McLeod, Country Manager for European Energy in Australia.
The solar farms are expected to provide electricity equivalent to the annual consumption of over 30,000 Australian households and will significantly reduce CO2 emissions. At the same time, the projects will create local jobs and activity in the supply chain during construction.
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