Octopus Energy Generation has acquired 100% ownership of UK-based renewables developer Exagen from founder Jeremy Littman. The acquisition will accelerate the development of Exagen's pipeline, which includes over 2.4GW of solar and energy storage projects across England.
This buyout follows Octopus's initial 24% investment in August 2022 and was executed through the Octopus Energy Development Partnership (OEDP) fund. As Exagen's projects move towards construction, the new ownership will support the company's long-term growth strategy.
In the past year, Exagen secured planning consent for 520MW of standalone battery storage in Leicestershire and Gloucestershire. The company also has 260MW of solar and 268MW of battery storage in various stages of planning.
Littman commented on the acquisition: “I founded Exagen to deliver and manage a robust pipeline of UK renewable energy projects with the mission of fighting climate change… I am proud to pass the baton to Octopus, who will continue to deliver projects and expand the platform to new heights.”
Alex Brierley, Co-head of Octopus Energy Generation's fund management team, emphasized the potential for growth: “By increasing our investment, we're going to turbocharge the build-out of new green energy and rapidly grow the UK's energy storage capacity.”
Octopus Energy Generation currently manages nearly £7 billion in renewable energy projects worldwide, aligning with its mission to help the UK meet its renewable energy targets by 2035.
