Octopus Energy Group, based in the UK, has purchased a 24 per cent stake in Exagen, a large-scale battery developer, through its new renewables fund, Octopus Energy Development Partnership (OEDP). OEDP is a €220 million renewables fund that will invest in Exagen to assist in the creation of large-scale solar and battery facilities in the UK. According to the terms of the agreement, OEDP will have the opportunity to purchase 500 MW/1 GWh of battery capacity that is situated in England’s Midlands region.
By 2027, the batteries should be fully operational. Reportedly, they will be able to export enough energy to power 235,000 homes for a day. Additionally, the batteries will be capable of balancing the grid and lessen the UK’s dependence on gas imports from Europe. In accordance with the deal, OEDP has also acquired three solar farms with batteries with a total capacity of around 400 MW that are situated in the Midlands and North East of England. These projects are currently in the planning stage. Exagen also has a pipeline of solar and battery storage projects with a combined capacity of over 2 GW. Octopus will be able to invest in these projects once they are ready to build.
Earlier this month, Octopus Energy Generation and GLIL Infrastructure purchased a 12.5 per cent stake in the Hornsea One wind farm in the UK for £400 million. Each of the two companies contributed £200 million to the 1.2 GW offshore wind farm, with Octopus making the investment on behalf of Nest, a British pension scheme.
