Exagen, a British company specializing in solar energy

Octopus Energy Generation has acquired Exagen Group, a developer of solar and battery storage systems. The acquisition will allow the company to expand its renewable energy capabilities.

Exagen, a developer of utility-scale renewable energy and energy storage projects, announced on Tuesday that it has more than 2.4 gigawatts of generating capacity in England.

Octopus acquired a 24% initial stake in Exagen in August 2022.

Financial details of the transaction were not disclosed.

Exagen has announced that it has received planning permission for 520 megawatts (MW) of battery storage in England over the past year. Exagen also has 260 MW of solar projects and 268 MW of battery storage that are either in the planning process or will be deployed next year.

Octopus said it manages almost 9 billion pounds ($9.4 billion) of renewable energy projects globally. The acquisition of Exagen is expected to help it support the UK’s transition to low-carbon energy.

By increasing our investment, we will supercharge the UK’s green energy growth and rapidly expand its energy storage capacity,” said Alex Brierley. Brierley is co-head of the Octopus Energy Generation fund management team.

The UK aims to generate 95% of its electricity from low-carbon sources by 2030. This will require more storage capacity to balance supply and demand in the system. $1 = £0.7483 (Reporting and editing by Nina Chestney)

(source: Reuters)