August 24 (Renewables Now) – UK energy supplier Octopus Energy Group today launched a EUR-220-million (USD 218m) green energy fund and announced the new vehicle’s first investment, in UK renewables developer Exagen.
The “multi-million pound deal,” includes the acquisition of a 24% stake in Exagen and an option to purchase a 500-MW/1-GWh battery in the Midlands, England, slated to go live by 2027 as the largest in the UK. Under the deal, the fund has also acquired three solar projects with batteries totalling about 400 MW in the Midlands and North East of England that are being developed by Exagen and are due to start operations in 2023.
Octopus said it will be able to invest in Exagen’s 2-GW pipeline of solar and battery storage projects once they become shovel-ready.
The new fund, called Octopus Energy Development Partnership (OEDP), will invest in the early stages of building new green energy such as solar, onshore wind and energy storage in the UK and elsewhere in Europe.
The company commented that by supporting the delivery of new renewable energy across Europe, the fund is helping to reduce Europe’s dependence on gas imports and to lower future energy bills.
“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,” said Octopus Energy Generation chief executive Zoisa North-Bond.
Exagen said separately it has secured up to GBP 35 million (USD 41.2m/EUR 41.5m) from the new Octopus Energy fund.
(EUR 1 = USD 0.993)
(GBP 1 = USD 1.177/EUR 1.186)
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