en.Wedoany.com Reported - Danish renewable energy developer European Energy has reached a major new financing agreement with global investment firm Deutsche Bank to advance plans for adding a two-hour large-scale battery to an existing solar farm in northern Victoria. European Energy Australia stated that Deutsche Bank has provided a non-recourse financing solution to refinance the existing debt of the operational 58MW Mokoan Solar Farm and support the construction and operation of a supporting 40MW/80MWh battery energy storage system.
Jens Peter Zink, Deputy CEO of European Energy, said that assets like Mokoan, which combine solar and storage for stable production and operational flexibility, are becoming increasingly attractive to institutional investors. In a statement announcing the deal on Monday, Zink noted that the company's battery portfolio is expanding across multiple markets, and securing financing for this supporting storage system in Australia represents a significant milestone.
The Mokoan deal follows the financial close of European Energy's Winton North project, one of Australia's first combined solar and battery projects and part of a major shift from wind energy toward more reliable projects. The Winton North project combines 130MW of solar with a 100MW, 220MWh large-scale battery located south of Wangaratta in Victoria. It is currently under construction, scheduled for completion this year, and supported by a power purchase agreement with Amazon. Amazon has also entered into an offtake agreement for the Mokoan battery energy storage system.
European Energy Australia's Mokoan Solar Farm has been fully operational since June 2025, having been selected under the federal Labor government's Capacity Investment Scheme. The Mokoan battery energy storage system will be AC-coupled with the solar farm, sharing a grid connection point and operating as a single asset. The company stated that the project has now entered the construction phase.
European Energy currently has a renewable energy project pipeline of approximately 10GW in Australia, with projects at various stages from early investigation to full operation. Deutsche Bank stated that its corporate banking division has so far supported the financing of over 12GW of renewable energy assets in Australia. Rachel Chia, Head of Project Finance for Asia Pacific at Deutsche Bank, said the bank is proud to support projects that facilitate greater renewable energy integration and contribute to Australia's energy transition. This transaction demonstrates its ability to provide integrated financing solutions across the full project lifecycle, supporting clients in developing critical energy infrastructure.
