The UK-based Octopus Energy Group has acquired a 24% stake in large-scale battery developer Exagen through its new renewables fund, Octopus Energy Development Partnership (OEDP).
OEDP is a €220m renewables fund whose investment in Exagen will help develop large-scale solar and battery facilities in the UK.
Under the terms of the deal, OEDP will have the option to buy 500MW/1GWh of battery capacity located in England’s Midlands region.
Octopus Energy Generation CEO Zoisa North-Bond said: “This fund is helping to unlock huge amounts of new renewable energy across Europe, turbocharging the journey to greater energy security. The more new green power we can build, the faster we can reduce our dependence on gas imports and drive down energy bills for people in the UK and the rest of Europe.”
Under the agreement, OEDP has also acquired three solar farms with batteries, which are located in the Midlands and North East of England, with a combined capacity of around 400MW.
These projects are currently in the development phase.
In addition, Exagen has a pipeline of solar and battery storage projects with more than 2GW of combined capacity.
Octopus will be able to invest in these projects once they reach the ready-to-build stage.
