Denmark’s European Energy has secured financial close for its Winton North hybrid renewable project in north-east Victoria, further strengthening its portfolio in Australia.
Debt financing for the project has been locked in through global institutions Commerzbank AG’s Singapore Branch and Societe Generale.
The funding package will bankroll the construction and ongoing operation of the hybrid asset, which combines a 130-megawatt (MW) solar farm with a 100MW/220-megawatt-hour (MWh) battery energy storage system (BESS).
“We continue to build a diversified portfolio of renewable energy projects here in Australia that combines strong resource fundamentals with increasing demand for flexible generation and long-term power offtake,” said Catriona McLeod, Country Manager Australia at European Energy.
“Winton North is another example of the high-quality assets we are developing in Australia, strengthening our platform for future investment, partnerships and sustainable long-term growth.”
The project has also achieved commercial momentum through an expanded power purchase agreement (PPA) with tech giant Amazon. The expanded PPA will cover the entirety of the co-located battery storage capacity.
Amazon Web Services (AWS) head of infrastructure policy for Australia and New Zealand, Matt O’Rourke, said co-locating battery storage with large-scale solar allows clean energy to be banked and dispatched during peak grid demand.
“This helps strengthen reliability as Australia transitions to renewables,” O’Rourke said.
“This is another step in Amazon’s commitment to reaching net-zero carbon by 2040.”
The group’s global deputy CEO, Jens Peter Zink, flagged Australia as a core driver of European Energy’s international ambitions.
He noted that competitive project financing from tier-one international lenders validates the bankability of their portfolio, letting the company recycle capital into fresh domestic development pipelines.
Early site works and module installation are already underway on the 256-hectare property situated between Benalla and Glenrowan.
Construction is slated for completion later in 2026, when the facility will begin exporting power directly into AusNet’s regional transmission network.