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| Exagen |
UK-based utility Octopus Energy has bolstered its renewable energy ambitions by acquiring Exagen, a UK developer specializing in solar and battery storage projects. This acquisition significantly expands Octopus Energy's renewable project pipeline and strengthens its position in the UK energy market.
A Major Boost in Solar and Battery Storage
Exagen holds a pipeline of 2.4GW of solar and battery storage projects across various locations in England. Among these, planning consent has already been secured for 520MW of battery energy storage projects in Leicestershire and Gloucestershire. Additionally, Exagen has 260MW of solar projects and 268MW of battery storage currently in planning or pre-planning stages. This acquisition provides Octopus with a major foothold in both the solar and battery storage markets, aligning with the company’s broader renewable energy strategy.
This move comes after Octopus Energy's initial investment in Exagen in August 2022, when the company acquired a 24% stake through its energy development partnership fund. The financial specifics of the full acquisition have not been disclosed.
Globally, Octopus manages close to £7 billion ($9.4 billion) in renewable energy projects, demonstrating its commitment to expanding its clean energy footprint.
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