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The project aims to expand the existing Mokoan Solar Farm by adding a Battery Energy Storage System to the Victoria-based site.
Australian law firm Gilbert + Tobin has advised the Sydney branch of Deutsche Bank AG on the financing of the European Energy-sponsored Mokoan hybrid solar and battery project. The project reached its financial close on 8 July.
The Gilbert + Tobin advisory team was led by energy, resources and infrastructure partner Jamie Guthrie, with the wider team including partner Matthew Charman, lawyers Alex Bird and Jason Yu, and graduate Marshall Heller. The team provided guidance on all aspects of the refinancing, project financing and battery development.
The Mokoan Solar Farm is located in Victoria, and has been fully operational for over a year, since June 2025. The 58MW farm generates approximately 113GWh in electricity per year, the equivalent needed to power around 18,000 homes. The Mokoan Battery Energy Storage System (BESS) is set to occupy the same location as the Solar farm, and, once operational, the 40MW/80MWh BESS will further expand Australia’s renewable energy potential as well as supporting the stabilisation of its energy grid.
Under the terms of the financing, Deutsche Bank, serving as sole lender and letter of credit facility financier, has provided an AU$ 110 million, three-year non-recourse financing package, which will refinance existing debt facilities as well as facilitating the construction and operation of the BESS project. Deutsche Bank also acted as hedging bank for the interest rate swap solution and as account bank, facility agent and security trustee for the transaction.
Amazon Australia and a government-backed support mechanism through the Capacity Investment Scheme (CIS) are also providing support to the project via long-term solar and battery offtake arrangements.
Gilbert + Tobin’s Guthrie commented: “Mokoan is a strong example of how established solar assets can be enhanced with battery storage to optimise and reshape the facilities’ generation profile against the backdrop of an increasingly competitive and challenging market. The financing required careful structuring across the solar refinancing, battery development and integration, long-term offtake arrangements and CIS support. We are pleased to have advised Deutsche Bank on a transaction that demonstrates the continued evolution of Australia’s renewable energy financing market and the increasing bankability of hybrid generation and storage projects.”
Deutsche Bank’s head of project finance, APAC Rachel Chia remarked: “We are proud to support projects that enable greater renewable energy integration and contribute to Australia’s energy transition. This transaction demonstrates our ability to deliver integrated financing solutions across the project lifecycle, supporting clients as they develop critical energy infrastructure.”
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