CIS-Winning Solar-Battery Project Sold to Swedish Developer OX2
An expansive solar and battery initiative in Victoria has been acquired by Swedish renewable energy firm, OX2, which comes equipped with an underwriting agreement and necessary planning approvals.
Located just a few kilometres north-west of Rushworth in central Victoria, the Corop solar and battery farm has transitioned from the ownership of Leeson Group and BNRG Renewables to Stockholm-based OX2, which has been actively expanding its portfolio in Australia.
Project Overview
The Corop project will boast an installation of 290 megawatts (MW) of solar energy, alongside a 290 MW, 704 MWh battery, covering over 1,000 hectares. It was highlighted as a victor in round 4 of the federal government’s Capacity Investment Scheme (CIS) in 2025, which provides an underwriting agreement intended to safeguard such projects from severe decreases in wholesale electricity prices, thus facilitating easier financial access.
Peter Leeson, founder and CEO of Leeson Group, shared that the journey of developing the Corop site began in 2019, with BNRG Renewables joining as a co-developer and equity partner in 2024. “We’ve received tremendous backing from the local community throughout this venture,” he declared in an official statement. “By leveraging our existing networks and forging new connections in the Rushworth area, our team has attained remarkable results. We are excited about the engagement thus far and eager to see OX2 bring this project to fruition for the region.”
Shifts in Development Focus
In Australia, solar-battery hybrids are rapidly becoming the preferred technology due to cost-effectiveness and a relatively straightforward planning process, which often allows for easier integration into the existing power grid. Nevertheless, Victoria has indicated that it has sufficient solar and battery hybrid projects, having awarded contracts to seven such initiatives in the first two CIS generation tenders, including Corop.
The state is now seeking to drive the development of more wind energy projects, leading to the exclusion of solar and battery hybrids from its latest CIS tender allocation. However, only two wind projects secured contracts in this round. A cap of 400 MW on solar-only projects was also implemented in the latest generation tender.
Nearby Developments and Future Plans
Leeson Group is also behind the nearby Girgarre solar farm, which has a capacity of 93 MW, situated about 20 kilometres north of Corop. This facility, now owned by Potentia Energy, commenced full commercial operations in 2025.
In a separate announcement, OX2 confirmed that the Corop project has attained essential development approvals, secured the CIS contract, and is advancing in the grid connection phase. Construction is anticipated to commence in late 2027. OX2 is already underway with the Muswellbrook solar farm and battery project in New South Wales, which achieved financial closure earlier this year, and last year acquired the 1.2 gigawatt Dinner Hill wind project in Western Australia, along with a proposed adjacent 100 MW, 400 MWh Harvest battery.
OX2 is backed by EQT, one of the largest private equity investors globally. “The acquisition of Corop marks a significant achievement for OX2 in Australia,” stated Steve Symons, Vice President of OX2 Australia. “This development builds upon our progress with Muswellbrook and solidifies our dedication to providing high-quality, dependable renewable energy projects as part of the nation’s energy transition.”
Leeson and BNRG received financial guidance for the sale from Sydney-based corporate advisory firm, Pottinger.
