DLA Piper advises OX2 on acquisition of Corop Hybrid Solar and BESS Project

Global law firm DLA Piper advised OX2, a global renewable energy developer owned by EQT, on its acquisition of the Corop Hybrid Solar and battery energy storage system (BESS) project from BNRG Renewables Limited and Leeson Power Holdings Pty Ltd.

The Corop Hybrid Solar Farm and BESS project is a late-stage development hybrid project in the Shire of Campaspe, Victoria, comprising a 230 MW solar farm and 290 MW BESS.  

DLA Piper advised OX2 on all aspects of the acquisition, including legal due diligence, FIRB approval, competition, and ACCC implications, along with counsel on Australia’s new merger clearance regime, transaction documents, conditions precedent, completion deliverables and completion.

The engagement was delivered by DLA Piper's integrated renewable energy sector team, bringing together lawyers with deep knowledge spanning foreign investment and renewables mergers and acquisitions, debt structuring, competition law, environment and planning, and real estate. 

The team was led by Corporate Partners Maddison Hardiman and Chris Mitchell. They were supported by Partners Owen Alcorn and Noni Shannon (both Finance) and Stephanie Lambert (Real Estate). Further support was provided by Special Counsel Winnie Liang (Real Estate) and Kat Perincek (Finance); and Solicitors Kristen Politis, Isabella Bynevelt and Mariko Hunt (all Finance), Nicola Callis (Corporate), and Lachlan Ferris (Real Estate).

Commenting on the transaction, Maddison Hardiman said: “OX2’s acquisition of the Corop Hybrid Project is an important addition to its expanding Australian renewables IPP platform. Our team valued the opportunity to support OX2 on a transaction that will help advance the delivery of renewable generation and storage capacity in Australia.”

Chris Mitchell added: “Australia’s renewable energy generation and storage sectors continue to evolve, creating opportunities for global developers and institutional investors to deploy capital into projects with clear pathways to construction and operation. This transaction brought together our multi-disciplined team with deep experience in these sectors to support OX2 as it expands its Australian platform.”