European Energy has secured non-recourse financing with Deutsche Bank for the Mokoan project, covering refinancing of the 58 MW solar farm and construction of a 40 MW/80 MWh battery storage system in Victoria, Australia.
European Energy has reached financial close on the Mokoan Hybrid Solar Farm and Battery Project, located in Victoria, Australia. Deutsche Bank provided a non-recourse financing package covering both the refinancing of the operational Mokoan Solar Farm and the construction of a co-located 40 MW/80 MWh battery storage system. The transaction reflects the growing prominence of hybrid solar-plus-storage projects on the Australian market.
The Mokoan Solar Farm, with a capacity of 58 MW, has been fully operational since June 2025. It sits on 94 hectares of land, approximately 25 kilometres south-west of Wangaratta in northern Victoria. The installation generates approximately 113 GWh of electricity annually, according to the company, enough to power more than 18,000 homes. The project was selected under the Australian Government’s Capacity Investment Scheme (CIS), a mechanism providing long-term revenue support for renewable energy projects.
The financing package provided by Deutsche Bank includes a term facility, hedging instruments, and customary ancillary facilities. The structure refinances existing debt on the solar farm while simultaneously funding construction of the co-located battery storage system. The non-recourse arrangement channels project risk to the underlying assets, without recourse to shareholder balance sheets.
The 40 MW/80 MWh battery storage system is AC-coupled to the solar farm and has now entered the construction phase. Once operational, it is expected to support grid stability and greater integration of renewable energy into the Victorian electricity grid, according to the company. European Energy is expanding its battery portfolio internationally, as illustrated by the Waltrop battery park entering construction for 900 MW.
Jens Peter Zink, Deputy CEO of European Energy, states that assets combining stable production with operational flexibility are increasingly attractive to institutional investors, and that Australia remains a core part of the group’s long-term growth strategy. Rachel Chia, Head of Project Finance for the Asia-Pacific region at Deutsche Bank, highlights the bank’s ability to deliver integrated solutions spanning the full lifecycle of energy infrastructure projects.
The Mokoan financial close follows European Energy’s recent announcement of financial close for the Winton North Solar Farm with Battery project. European Energy Australia holds a renewable energy pipeline of approximately 10 GW, with projects at various stages ranging from early investigation through to fully operational. Deutsche Bank’s Corporate Bank indicates it has supported the financing of more than 12 GW of renewable energy assets across Australia since 2019.
European Energy, headquartered in Copenhagen, Denmark, continues to expand its footprint in the Australian market. The non-recourse project financing structure adopted for a hybrid asset combining an operational solar farm with a battery system under construction illustrates a broader shift toward financing structures capable of integrating multiple lifecycle phases within a single site.
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