Octopus Energy Group’s new renewables fund, Octopus Energy Development Partnership (OEDP) is making its debut investment in renewables developer Exagen to build new green energy and rapidly grow the UK’s energy storage capacity.

The multi-million-pound deal sees OEDP take a 24 per cent stake in Exagen, a company working on large-scale solar and battery facilities. As part of the agreement, OEDP has also acquired three solar farms with batteries on-site in the Midlands and North East of England, which Exagen is currently developing. The solar farms have a combined capacity of approximately 400MW and are scheduled to come online in 2023. Exagen already has 2GW of solar and battery storage projects in their pipeline, which Octopus will be able to invest in once they’re ready to build, and the deal includes the option to purchase one of the UK’s largest batteries of between 500MWh and 1GWh scheduled to be operational by 2027.

Zoisa North-Bond, CEO of Octopus Energy Generation, commented: “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.”

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