Future Retirement Success
  • Politics
  • Business
  • Investing
  • Stocks
  • Politics
  • Business
  • Investing
  • Stocks

Future Retirement Success

Business

Octopus unveils renewables fund backing UK’s largest battery

by August 25, 2022
August 25, 2022
Octopus unveils renewables fund backing UK’s largest battery

Octopus Energy Group has launched a renewables strategy targeting early stage green energy projects to reduce Europe’s reliance on gas imports

The €220m Octopus Energy Development Partnership (OEDP) Fund has already made its first investment in renewables developer Exagen – taking a 24 per cent stake in the company.

Exagen is looking to rapidly grow the UK’s energy storage capacity, including one of the the UK’s largest batteries – with 500MW of power at a rate of 1GWh.

This means it would have the capacity to export the equivalent electricity usage of 235,000 homes in a single day.

Batteries provide grid-balancing services by storing cheap green energy when it is abundant, and releasing it when it is needed.

OEDP has also snapped up three solar farms with batteries on-site in the Midlands and North East of England as part of the deal, which Exagen is currently developing.

The solar farms have a combined capacity of approximately 400 MW.

Exagen currently has 2GW of solar and battery storage projects in their pipeline, which Octopus will be able to invest in once they’re ready to build.

OEDP is chasing further solar, onshore wind and energy storage projects in the UK and the rest of Europe.

This is very much in line with Octopus’ wider approach to expanding its renewables portfolio.

There’s also potential to boost assets through KrakenFlex, Octopus’ trading platform, which currently manages 1,300 MW of green energy assets.

The fund is managed by Octopus Energy Generation, one of Europe’s largest investors in renewable energy,.

It already manages £4.4bn of renewable energy assets across Europe.

Most recently, they have invested in floating offshore wind developer Simply Blue, onshore wind developers Wind2 in the UK and NorGen in Finland, and solar developer Gridsource in the UK.

Zoisa North-Bond, chief executive of Octopus Energy Generation, comments: “This fund is helping to unlock huge amounts of new renewable energy across Europe, turbocharging the journey to greater energy security. 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.”

Jeremy Littman, founder and chief executive of Exagen, said: “All of us at Exagen are thrilled by this ground-breaking deal with Octopus, which will support us in our mission to build smarter, flexible renewable generation projects across the grid, enabling communities access to cleaner, cheaper energy.”

 

Read more:
Octopus unveils renewables fund backing UK’s largest battery

0
FacebookTwitterGoogle +Pinterest
previous post
Five day week is ‘in many cases not fit for purpose’, says Atom Bank chief
next post
British Gas to donate 10 per cent of profits to help household energy bills

You may also like

Secrets of Success: AJ Sharp, CEO and Founder...

February 11, 2024

Brits turn to ‘sweet treat economy’ for mood...

September 3, 2024

Bank lending rules ‘could harm UK small businesses’

May 8, 2024

Consumer confidence rebounds as spending sees biggest rise...

February 11, 2025

Alibaba.com backs athlete365 business accelerator to empower olympic...

December 2, 2024

Twitter has ‘50% chance’ of major crash during...

November 21, 2022

Deciphering Market Trends: The Compass of Trading Indicators

May 7, 2025

Will our high streets crumble under the pressure...

November 7, 2023

British Gas to donate 10 per cent of...

August 25, 2022

Key benefits & how to implement business process...

November 27, 2023

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • Xi Jinping’s surprise no-show at BRICS Summit fuels speculation about China’s global standing

      July 5, 2025
    • Tesla sees UK sales rebound in June as EV market accelerates

      July 5, 2025
    • Hived raises $42m to roll out electric delivery fleet across southern England

      July 5, 2025
    • Week Ahead: NIFTY Set To Stay In A Defined Range Unless These Levels Are Taken Out; Drags Support Higher

      July 5, 2025
    • “A turning point for education”: James Caan launches bold education reform plan in House of Lords

      July 5, 2025
    • ‘Invest in Women’ fund criticised for slow rollout as MPs call for bolder action

      July 5, 2025

    Categories

    • Business (8,397)
    • Investing (2,102)
    • Politics (15,946)
    • Stocks (3,190)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: futureretirementsuccess.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 futureretirementsuccess.com | All Rights Reserved