OX2 acquires 230MWac Corop solar-plus-storage project in Victoria, Australia

Corop also holds a contract under the Commonwealth’s Capacity Investment Scheme (CIS), providing the project with a government-backed revenue floor to support financing.

The CIS contract, combined with the approvals and grid connection progress, positions Corop as one of the more advanced unbuilt hybrid projects in Victoria’s pipeline at the point of acquisition.

Corop will become OX2’s second owned-and-operated asset in Australia, following the Muswellbrook solar-plus-storage site in New South Wales.

OX2 commenced construction at Muswellbrook earlier this year, with the 135MWac solar and 100MW battery storage system project developed in partnership with Japanese energy company Idemitsu and financed by MUFG and backed by a long-term hybrid power purchase agreement (PPA) with an unnamed international offtaker covering both the solar and battery components.

Construction at Muswellbrook is expected to be completed in 2028.

The Corop acquisition signals OX2’s intention to replicate that ownership model, building, owning and operating rather than developing and selling, across a second Victorian asset.

OX2 deepening its Australian roots

OX2 entered the Australian market in 2023 and has since assembled a development portfolio exceeding 3GW of solar, wind and storage projects across Victoria, New South Wales, Queensland, South Australia and Western Australia.

Investment firm EQT acquired the company in October 2024, a transaction that provided additional capital resources for project development and construction and supported OX2’s transition from a developer that sells completed projects to an independent power producer that retains and operates assets.

In April 2026, OX2 appointed Matthias Taft, formerly CEO of BayWa r.e., as its new global CEO, bringing leadership with deep experience in scaling renewable energy development businesses internationally.

The appointment signalled OX2’s ambition to accelerate its transition from developer to IPP across multiple markets, with Australia identified as a key geography for that strategy.

Victoria has been a focus of OX2’s Australian activity from its earliest projects. The company developed and subsequently sold the Horsham Solar Farm, which became the SEC Renewable Energy Park under state government ownership, and has maintained a pipeline of hybrid projects across the state.

The Corop acquisition does not include a disclosed purchase price or financing structure, and OX2 has not confirmed a construction commencement date or target commercial operations date.

The company said it will work with local communities, Traditional Owners, stakeholders and industry partners as it progresses the project toward construction.

European Energy reaches financial close on 130MW solar PV power plant in Victoria

In other news, tech giant Amazon has signed a new power purchase agreement (PPA) to procure energy from IPP European Energy’s 130MW Winton North solar-plus-storage project in northeast Victoria, Australia.

It comes as European Energy has now reached financial close on the 220MWh site. The debt financing was provided by Commerzbank AG’s Singapore branch and Société Générale, the Danish developer revealed last week (2 July).

The financing supports the construction of the 130MW solar PV plant and a 100MW/220MWh battery energy storage system (BESS) across a 256-hectare site.

Construction is already underway and is expected to be completed in 2026. The project is expected to generate 227GWh of clean energy annually upon operationalisation.

Amazon holds a PPA for the solar generation component of the project and has now signed an additional PPA covering the battery storage system, making Winton North one of a small number of projects in Australia where a single corporate offtaker has contracted both the generation and storage output under separate bilateral agreements.

In October 2025, Spanish power electronics specialist Ingeteam signed a supply contract for the project, covering PV inverters, storage inverters, and a hybrid power plant control system, including plug-and-play medium-voltage power stations integrating inverters, low-voltage-to-medium-voltage transformers, medium-voltage switchgear and auxiliary services panels.

Ingeteam will also provide its Multi Plant Controller system to manage performance across both the solar and battery components at the grid interconnection point.

Module installation had already begun at the Winton North site before the financial close was confirmed, with European Energy’s Australian arm progressing construction ahead of the finalisation of the debt package.

For more information on the Amazon-European Energy agreement, please visit our sister site Energy-Storage.news.