The front runner in the European renewable energy market, European Energy, has set a pole standard with the construction of Australia’s 56 MW solar farm, adding to their expanding list of projects there.
Scope
The Hume-based Renewable Energy project is a credible and visionary project with an assurance of making 15,000 households shift from traditional power grid to sustainable and clean electricity grid after the completion of the venture.
Bifacial solar panels, the new buzz phrase in the clean energy sector, are heavily featured in the futuristic solar farm, which marks the beginning of the avalanche of reductions of carbon emissions.
Research shows, that just this plant can reduce emissions even more then 85,000 tons of CO2 per year.
This environmentally friendly project fully exposes European Energy’s determination to fight against the climate change and the future generation.
Completion date
Construction is anticipated to be completed in 2025. Therefore, it will help to maintain a green environment for all.
Catriona McLeod, the Country Manager, for Australia at European Energy shared her excitement about the start of construction describing it as the beginning of a chapter for the company’s activities in Australia.
She highlighted the company’s enthusiasm to utilize its expertise in energy development across aspects such as engineering, procurement, construction, financing and operations to make a valuable contribution towards Australia’s ambitious renewable energy goals.
As part of a move to secure funding for the project European Energy has formed a partnership with NORD/LB Singapore Branch.
Secured a loan facility that aligns with the strict Green Loan Principles set by the Loan Market Association.
NORD/LBs comprehensive involvement in roles like MLAUB, Green Structuring Bank, LC provider, Hedge Provider and Agent reflects efforts focused on ensuring the success of this innovative initiative.
Thorvald Spanggaard, European Energy’s Executive Vice President of Project Development expressed confidence in the projects feasibility and highlighted Australia’s growing renewable energy market as a pivotal factor for success.
With than 5 GW of capacity under active development and an additional 3 GW in screening phase; European Energy is well positioned to make significant progress in strengthening its presence, within Australia’s renewable energy sector.
The journey to unlock the potential of the Mokoan farm has seen significant milestones, such, as receiving development approval from the Benalla Rural City Council in December 2018 and getting expansion endorsement from the Victorian Department of Environment, Land, Water and Planning in June 2020.
The site, covering a 94 hectares was previously used for grazing showcasing the projects dedication to repurposing land for development projects.
In summary European Energys entry into Australias energy sector marks a stride towards a more sustainable and eco conscious future.
By establishing the Mokoan farm the company aims not to meet the increasing energy needs of communities but also to stand as a symbol of innovation and advancement, in renewable energy.
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