Britain’s Octopus Energy Group announced that it has bought a 24% stake in large-scale battery developer and solar power company Exagen.
The company made an announcement on Wednesday that the stake was bought through a new renewables fund.
According to the company, this is the very first investment for the Octopus Energy Development Partnership under Octopus Energy Generation.
The company has earmarked 220 million euros ($218 million) for solar, onshore wind and energy storage projects, a report mentioned.
The renewable projects will spread across the UK and in many places of Europe.
The company stated that the latest agreement covers an option to “purchase a standalone battery capable of exporting the equivalent electricity usage of 235,000 homes from 2027.”
Besides, the deal also covers the purchase of three solar farms with a combined capacity of 400 MW. It also includes a battery storage.
These solar farms are likely to commence operation in 2023.
“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,” Zoisa North-Bond, chief executive of Octopus Energy Generation, was quoted in a statement.
