The company has struck a deal with developer Exagen to build the ‘UK’s largest’ battery
Octopus Energy Group has launched today a new €220 million (£185m) fund to build new renewable and energy storage capacity.
The company’s first investment will see Octopus Energy Development Partnership (OEDP) take a 24% in solar and battery facilities developer Exagen.
The deal includes the option to purchase one of the UK’s largest batteries located in the Midlands, England.
The project, which is scheduled to be operational by 2027, is predicted to become the UK’s largest – it is forecast to have the capacity to export the equivalent electricity usage of 235,000 homes in a single day.
As part of the agreement, OEDP has also acquired three solar farms with batteries on-site in the Midlands and North East of England.
Zoisa North-Bond, Chief Executive Officer of Octopus Energy Generation, said: “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.”
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