Octopus Energy Generation, a London-based company invested in renewable energy, launched its new €220M partnership fund Octopus Energy Development Partnership, or OEDP.
Zoisa North-Bond, the CEO of Octopus Energy Generation, comments that this fund helps to increase Europe’s renewable energy supply. She says that this will help decrease Europe’s dependence on fossil fuel imports and reduce energy costs for people across the continent.
UK investors made their first foray into green energy development with the announcement of Exagen as a venture.
Octopus Energy Development Partnership
Eurovia claims that early investment from the OEDP is necessary to reduce Europe’s reliance on gas imports and lower the cost of energy in the future.
OEDP aims to implement solar, wind, and energy storage projects in the UK and Europe.
Exagen is a company that partners with farmers, landowners and communities to build substantial solar and battery projects. OEDP recently made a deal to purchase 24% of Exagen for investors.
In addition to this deal, buyers have the option to purchase England’s Midlands’ largest battery. It is currently under development, scheduled to be completed by 2027 and holds 1 gigawatt hour of electricity. That’s equivalent to 500 megawatts of power.
OEDP agreed to acquire three solar farms combined with batteries in the Midlands and North East. Exagen is currently developing these farms, which will have a total capacity of approximately 400 megawatts.
Octopus will be able to invest in Exagen’s already completed over 2 GW worth of solar and battery storage projects once they are ready to build new ones.
Octopus Energy Generation’s Co-head of fund management, Alex Brierley, states, “The first investment made by our new renewable development fund is a significant milestone for us. We have lots more coming as we partner with Exagen, who has an enormous opportunity to scale solar and battery storage projects. These options will be a vital component of the future’s flexible renewable energy system.”
Exagen Technologies co-founder and CEO Jeremy Littman stated, “We are grateful to Octopus for this partnership that supports our goal of making smarter renewable energy grids. By partnering with Octopus, we will be able to provide cleaner and cheaper electricity to communities across the grid. I believe our determination, focus on technology and passion for our employees and the environment have led us to this partnership with Octopus. We can’t wait to deliver on our promise together with the Octopus team.”