Octopus Energy launches ₤ 185 million renewable fund and buys developer Exagen

• Octopus Energy has actually launched its Octopus Energy Development Partnership (OEDP), a ₤ 185 million (EUR220 million) renewable fund aiming to spearhead the green energy revolution in the UK, whilst making its initial investment in Exagen.

The OEDP's primary focus is buying beginning of constructing new green energy, which could show vital in helping reduce Europe's reliance on gas imports as well as lowering energy bills in future.

Managed by Octopus Energy Generation, the fund will target solar, onshore wind and also energy storage projects in the UK in addition to the rest of Europe. The firm also specified it can optimize possessions via KrakenFlex, Octopus' flexibility and trading platform, which currently manages 1.3 GW of green energy properties.

" This fund is assisting to open big amounts of new renewable resource throughout Europe, turbocharging the journey to higher energy security," claimed Zoisa North-Bond, CEO of Octopus Energy Generation.

" The more new green power we can construct, the faster we can decrease our reliance on gas imports and drive down energy bills for people in the UK et cetera of Europe."

As a very first major investment, Octopus Energy has actually allocated as much as ₤ 35 million in renewable resource designer Exagen intending to develop, own as well as run over 5GW of generation and energy storage capacity over the following ten years in addition to one of the UK's "biggest" battery storage space sites.

The funding will certainly boost Exagen's exclusive modern technology platform as well as development team whilst likewise moneying new community-focused development chances, consisting of 3 solar and battery storage projects across the Midlands and also North East with an accumulated capacity of c. 400MW.

Along with this, what Exagen claims is just one of the UK's "largest" battery storage space sites will certainly be established in the Midlands with a capacity of 500MW/1GWh as soon as operational in 2027. Octopus' financing will straight support its development.

With moneying secured, Exagen will quickly increase its renewable portfolio with a present development of over 2GW of energy scale generation as well as storage projects. This will be boosted and developed in the coming years to get to 5GW before it plans to expand globally as well as support the global energy shift.

" Everybody at Exagen are thrilled by this ground-breaking take care of Octopus, which will support us in our mission to construct smarter, flexible renewable generation projects throughout the grid, making it possible for communities access to cleaner, more affordable energy," claimed Jeremy Littman, founder and CEO of Exagen.

" I think our commitment to our team, our technology-focused method to operations, as well as most of all our passion for regional communities as well as the environment has aligned us with the Octopus team as well as we're all expecting providing on our promise with each other."

Increasing battery storage space capacity is a vitally important facet of the energy transition. With the UK concentrating predominantly on recurring solar and also wind energy as part of its transition, enough energy storage space will be needed to balance out the peaks and also troughs in generation.

Nevertheless, to keep the rapid rollout of battery energy storage projects kicking on, piling value and optimisation have been regarded as essential parts in keeping eye-catching financial investment chances, according to a new GridBeyond as well as Thrive Renewables white paper.

It indicates an increase in battery supplier investment can jam-pack the market, causing less rate of interest. Due to this, optimisation and also piling worth has to be used to maintain investor tourist attraction, the paper stated.

Octopus Renewables Infrastructure Trust (ORIT) lately got a c. 68MW ready-to-build solar PV project in Cambridgeshire from AGR Renewables better improving its green energy portfolio.