Danish developer European Energy has reached financial close on the Mokoan hybrid solar farm and battery project in Victoria, Australia, with Deutsche Bank providing the non-recourse project financing package.
The capital package includes a term facility, hedging, and customary ancillary facilities. The transaction covers both the existing debt for the 58 megawatt-peak (MWp) solar asset and capital expenditure for a new 40MW/80 megawatt-hour (MWh) battery energy storage system.
Located across 94 hectares near Wangaratta in northern Victoria, the Mokoan solar farm has been fully operational since June 2025.
Generating roughly 113 gigawatt-hours annually, enough clean power for over 18,000 homes, the asset secured long-term revenue support under the Australian government’s Capacity Investment Scheme (CIS).
Construction will now begin on the AC-coupled battery, designed to store excess solar output, assist grid stability, and optimise dispatch across peak demand periods in the Victorian energy market.
“Reaching financial close on Mokoan is an important milestone for our Australian portfolio. Deutsche Bank’s support spans both the refinancing of the operational solar farm and the construction financing for the battery storage system, giving us a strong foundation for the next phase of the project,” said Catriona McLeod, Managing Director of European Energy Australia.
Rachel Chia, Head of Project Finance APAC at Deutsche Bank, noted that the deal reflects strong institutional demand for lifecycle financing solutions across critical Australian energy transition assets.
Jens Peter Zink, Deputy CEO of European Energy, added that hybrid projects combining stable production with storage flexibility remain central to the group’s local expansion.
The announcement follows European Energy’s recent financial close for the nearby Winton North solar farm and battery project.
European Energy currently manages a 10-gigawatt development pipeline in Australia, while Deutsche Bank has backed more than 12 gigawatts of Australian renewable energy projects since 2019.
“Assets that combine stable production with operational flexibility are increasingly attractive to institutional investors, and Australia remains a core part of our long-term growth strategy,” said Jens Peter Zink, Deputy CEO of European Energy.