Danish developer European Energy has commissioned its first solar PV power plant in Australia, a 58MW site situated in Victoria.
The Mokoan solar PV plant is located in the Hume region of Victoria and covers 94 hectares of land that was previously used for grazing purposes. European Energy acquired the project in December 2022 from Lightsource bp, whose parent company, oil and gas giant bp, is looking to sell a stake in the developer as it looks to roll back its renewable investments.
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Construction on the solar PV plant started in the first half of 2024, and now that it is finished, the project is capable of supplying around 113GWh of electricity annually. The plant features bifacial solar PV modules and is currently on track to be fully operational in June 2025.
A Final Investment Decision (FID) in the project was achieved in November 2024. The debt was provided by the NORD/LB Singapore Branch as a loan facility expected to comply with the Loan Market Association’s Green Loan Principles.
Catriona McLeod, vice-president and head of Australia at European Energy, believes the deal is an important milestone for the company, which established an office in Australia two years ago.
“This is a tremendous achievement for our entire Australian team, and I am proud that we have demonstrated our ability to execute projects like this efficiently and effectively,” McLeod said.
As part of its commitment to sustainable growth, European Energy signed an agreement with First Nations Bailai Gurang Gooreng Gooreng Taribelang Bunda People Development Corporation in 2024 to facilitate the responsible development of renewable energy projects on their land.
European Energy pursues 1.3GWp solar PV plant in Queensland
It is worth noting that European Energy is seeking federal government approval to pursue a 1.3GWp (1.1GWac) solar PV plant via the Environment Protection and Biodiversity Conservation (EPBC) Act.
Within the Gladstone Regional Council, the Upper Calliope Solar Farm would be located in Mount Alma, Australia. It would connect to the National Electricity Market (NEM) via a proposed Powerlink substation adjacent to the project site.
Construction on the 2,700-hectare solar farm is targeted to commence in 2025-26 and be completed by 2028 at the latest. It is expected to contribute 5% of Queensland’s electricity and have a significant economic impact.
European Energy revealed in January 2024 that mining giant Rio Tinto signed the “biggest solar corporate power purchase agreement (PPA) in Australia”, with the mining firm committed to purchasing all electricity from the plant for 25 years.
