en.Wedoany.com Reported - On July 20, Danish renewable energy developer European Energy advanced the Mokoan energy storage project in Victoria, Australia, and completed related financing arrangements. The Mokoan energy storage project, with a capacity of 40MW/80MWh, will operate in conjunction with European Energy's already operational 58MW Mokoan solar power plant, forming a hybrid energy project that integrates solar power with battery energy storage.

The financing adopts a non-recourse structure, including term loans, hedging arrangements, and conventional ancillary credit facilities. The funds will be used for the construction and operation of the Mokoan energy storage project, while also refinancing the existing debt of the operational solar power plant. Located southwest of Wangaratta, the Mokoan solar power plant generates approximately 113GWh of electricity annually, meeting the electricity needs of over 18,000 households.

Once completed, the Mokoan energy storage project will enhance the operational flexibility of the solar power plant, playing a role in grid load fluctuations, renewable energy output variations, and peak-valley regulation. The project's revenue has been supported through contracts under the Australian government's Capacity Investment Scheme, providing a certain revenue foundation for the subsequent operation of the energy storage assets. European Energy has a pipeline of approximately 10GW of renewable energy projects at various stages in Australia. With the advancement of the Mokoan energy storage project, the company will continue to expand its solar-plus-storage project portfolio in Victoria.