Octopus Energy Group has launched its new €220 million ($218 million) renewables fund — Octopus Energy Development Partnership (OEDP) — to invest in the early stages of building new, green energy.
Managed by Octopus Energy Generation, OEDP is targeting solar, onshore wind and energy-storage projects in the United Kingdom and Europe.
The fund has already made its debut investment in renewables developer Exagen, with the acquisition of a 24-percent stake in the company. Exagen is working on large-scale solar and battery facilities, partnering with farmers, landowners and local communities to build projects that help bring energy security.
This deal includes the option to purchase one of the largest batteries in the United Kingdom. At 500 megawatts, the project is currently under development in the Midlands, England. It is scheduled to be operational by 2027. As part of the agreement, OEDP has also acquired three solar farms with batteries onsite in the Midla