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Octopus Energy Group has launched a €220 million fund to acquire and develop renewable energy projects in the UK and the rest of Europe.
Its initial investment of up to £35 million will see the Octopus Energy Development Partnership (OEDP), managed by the group’s generation arm, purchase a 24% stake in renewable technology company Exagen.
The company said that its deal with Exagen will also give it the option of purchasing what is to be the UK’s largest standalone battery, being developed at an undisclosed location in the Midlands.
At 500 MW/1 GWh the battery is scheduled to be operational by 2027 and will have the capacity to export the equivalent electricity usage of 235,000 homes in a single day.
Three co-located solar and battery projects, which Exagen is currently developing in the Midlands and North East of England, have also been acquired by OEDP and have a combined capacity of approximately 400MW.
Exagen already has a pipeline of 2GW of solar and battery storage projects which Octopus will be able to invest in once they are ready to build.
Zoisa North-Bond, chief executive of Octopus Energy Generation, 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.”
Jeremy Littman, founder and chief executive of Exagen, said: “All of us at Exagen are thrilled by this ground-breaking deal with Octopus, which will support us in our mission to build smarter, flexible renewable generation projects across the grid, enabling communities access to cleaner, cheaper energy.
“I believe our commitment to our staff, our technology-focused approach to operations, and above all our passion for local communities and the environment has aligned us with the Octopus team and we’re all looking forward to delivering on our promise together.”
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