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Octopus Energy acquires solar and energy storage company Exagen

Posted on by darion

Octopus Energy Generation manages nearly £7bn of renewable energy projects worldwide. Source: bombermoon / Shutterstock.

Octopus Energy Generation has completed the full acquisition of UK renewables and energy storage company Exagen Group from its founder, Jeremy Littman.

Exagen’s development pipeline includes over 2.4GW of solar and storage initiatives across England. The acquisition of Octopus will facilitate faster delivery of these projects.

Littman said: “I founded Exagen to deliver and manage a robust portfolio of renewable energy projects across the UK with the aim of tackling climate change.

“After building a talented team that enabled me to rapidly implement this vision, I am proud to pass the baton to Octopus, who will continue to deliver projects and grow the platform to new heights.

“Octopus’ initial investment has laid the foundation for Exagen’s success. With this acquisition, Octopus is now positioned to further our mission to meet the UK’s renewable energy targets by 2035.”

The acquisition, which follows Octopus’ initial investment of a 24% stake in August 2022, was made on behalf of the Octopus Energy Development Partnership (OEDP).

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The move is intended to support Exagen’s long-term growth as its projects move closer to implementation.

Octopus Energy Generation manages renewable energy projects around the world worth almost £7 billion.

The company’s expansion through the acquisition of Exagen is expected to further strengthen its position in the global renewable energy market.

In 2023/24, Exagen made significant progress in securing planning consent for 520MW of independent energy storage projects at sites across Leicestershire and Gloucestershire.

The company has a combined capacity of 260 MW of solar power and 268 MW of electricity storage, which is in the planning process or is ready to start planning by summer 2025.

Alex Brierley, Co-Head of Fund Management at Octopus Energy Generation, said: “We first invested in Exagen two years ago and were impressed by their strong portfolio of solar and energy storage projects in development, which will help strengthen UK energy security.

“By increasing our investment we will accelerate the development of new green energy and rapidly increase the UK’s energy storage capacity.”

In June 2024, Octopus Energy acquired two solar power plants in the US.