Octopus Energy Acquires Exagen to Enhance Renewable Energy Portfolio
UK-based utility Octopus Energy has strengthened its renewable energy ambitions by acquiring Exagen, a developer specializing in solar and battery storage projects. This acquisition significantly expands Octopus Energy’s project pipeline and solidifies its position in the UK energy market.
Expansion of Solar and Battery Storage Projects
Exagen brings a pipeline of 2.4GW in solar and battery storage across various locations in England. This includes secured planning consent for 520MW of battery energy storage projects in Leicestershire and Gloucestershire, as well as 260MW of solar projects and 268MW of battery storage in planning stages. The acquisition positions Octopus favorably in the solar and battery storage sectors, aligning with its renewable energy strategy.
Previous Investment and Financial Details
This move follows Octopus Energy’s initial investment in Exagen in August 2022, when it acquired a 24% stake through its energy development partnership fund. Financial specifics of the full acquisition remain undisclosed.
Commitment to Clean Energy
Globally, Octopus manages nearly £7 billion ($9.4 billion) in renewable energy projects, underscoring its commitment to expanding its clean energy footprint.
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