London-based builder of utility scale solar and battery storage facilities, Exagen, yesterday announced a multi-million pound investment from the Octopus Energy Development Partnership (OEDP).
The OEDP is a new fund managed by Octopus Energy Generation, one of Europe’s largest investors in renewable energy.
In return, Octopus Energy Group has acquired a 24% stake in the sustainable energy company, valued at up to £35m, according to Exagen’s website.
Octopus’s initial transaction has been structured as a hybrid investment and project acquisition. This will fund a corporate expansion and the acquisition of three co-located solar and battery storage projects with an aggregate capacity of ca. 400MW across the Midlands and the North East, where Exagen is opening a second office.
Exagen says the investment supports its plans to rapidly scale and build its current development pipeline of over 2GW of utility scale generation and storage projects throughout the UK.
Exagen plans to develop and operate 5GW of such projects over the next decade and expand internationally.
Jeremy Littman, founder and CEO 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.”
In line with Exagen’s large-scale storage strategy, its development team has secured land and grid connection for a 500MW/1GWh “standalone mega-battery” in the Midlands.
Expected to be operational in 2027, this site will be one of the largest battery storage sites in the UK with the capacity to provide the energy equivalent to 235,000 UK homes’ daily electricity usage and will create long-term jobs and economic opportunities in the region.
Alex Brierley, co-head of Octopus Energy Generation’s fund management team, added: “Working with Exagen, there’s a massive opportunity to scale solar and battery storage projects – and these will play an absolutely integral role in the flexible renewable energy system of the future.”
Exagen is led by renewable energy and bio-technology entrepreneur and investor Jeremy Littman, founder of Osprey Charging, the first electric vehicle rapid charging network operation in the UK.
Image: An artist’s impression of Exagen’s 500MW/1GWh “standalone mega-battery” in the Midlands (credit: Exagen)
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