OX2 Acquires 230-MW Solar+Storage Project in Victoria

• OX2 adds Australia’s Corop 230MW solar-plus-storage project in Victoria, securing permits and grid progress. A 290MW battery boosts capacity as subsidies loom under the Capacity Investment Scheme.

Swedish renewables developer OX2 AB has acquired a 230-MW solar park project in Victoria, Australia, that includes battery storage, expanding its local footprint. The Corop project, near Rushworth and Stanhope about 157 km north of Melbourne, has all development permits and an advanced grid-connection process, though OX2 did not disclose the investment value.

The solar-plus-storage site is planned to pair photovoltaic arrays with a 290-MW battery system capable of discharging for up to four hours. The project is set to receive state subsidies if it succeeds under the federal government’s Capacity Investment Scheme. OX2 said the deal adds to its development pipeline across Victoria, New South Wales and Queensland, including the 135-MW Muswellbrook solar project under construction with 100 MW of storage.

OX2 buys Victoria’s Corop 230-MW solar-plus-storage project—what next for subsidies?

• Complete the remaining development steps: final design, lender/buyer offtake discussions, procurement planning, and construction contracting strategy for both the PV and the battery components
  
• Progress grid-connection milestones: meet metering, protection, commissioning, and network interface requirements tied to the advanced connection pathway already underway
  
• Secure the subsidy pathway under the Capacity Investment Scheme: confirm eligibility, submit/advance the required documentation, and meet any performance, project-timing, and evidence requirements tied to receiving capacity payments
  
• Lock in capacity creditability: ensure the battery’s dispatch capability (including dispatch duration and operational constraints) is supported by technical studies and test plans that regulators/operators will accept
  
• Meet compliance obligations that affect eligibility: environmental/land conditions if any final approvals are triggered during “pre-construction” stages, plus safety and grid-code compliance for the storage system
• Prepare for financial close in line with subsidy timing: structure the investment schedule so major commitments align with when CIS support is finalized and when milestones are audited
• Build a robust risk plan around subsidy outcomes: address what happens if capacity accreditation or commissioning timelines slip (e.g., contingency financing, redesign to maintain performance, and realistic commissioning sequencing)
  
• Confirm project bankability signals: finalize revenue stacking assumptions (merchant power, any contracts, and capacity payments), and ensure the battery design is consistent with modeled dispatch and degradation
  
• Begin local supply-chain and construction planning: enable contracting options and logistics for the site near Rushworth/Stanhope to reduce schedule risk, which can directly influence subsidy eligibility timing
  
• Continue pipeline scaling while this project de-risks: leverage lessons from other Australian storage-linked developments (including ongoing Muswellbrook work) to strengthen delivery confidence for future approvals and financing
  
• Monitor federal and state interaction: track any state conditions that attach to receiving “on-the-line” support and ensure they don’t conflict with federal program requirements or commissioning criteria
  
• Plan a clear commissioning and testing regime: demonstrate that the system delivers contracted performance through pre-commissioning, grid trials, and post-COD verification—often decisive for capacity-related support
• Communicate milestones to regulators and stakeholders: provide updates that support transparency for capacity program assessments and reduce the chance of late-stage disqualification due to missing evidence or timing breaches