Exagen’s development pipeline features more than 2.4GW of solar and energy storage initiatives throughout England. Octopus’ acquisition will facilitate the quicker execution of these projects.
Littman stated: “I founded Exagen to deliver and manage a robust pipeline of UK renewable energy projects with the mission of fighting climate change.
“Having built a talented team to drive this vision forward at pace, I am proud to pass the baton to Octopus, who will continue to deliver projects and expand the platform to new heights.
“The initial investment from Octopus provided the foundation for Exagen’s success. With this buyout, Octopus is now positioned to further advance our mission of meeting the UK’s renewable energy targets by 2035.”
The acquisition, which follows an initial investment by Octopus for a 24% stake in August 2022, is executed on behalf of the Octopus Energy Development Partnership (OEDP) fund.
This move is set to support Exagen’s long-term growth as its project pipeline progresses towards construction.
Octopus Energy Generation manages close to £7bn worth of renewable energy projects worldwide.
The company’s expansion through the Exagen acquisition is expected to further consolidate its position in the global renewable energy market.
In 2023/24, Exagen made notable progress by securing planning consent for 520MW of standalone battery storage projects at sites in Leicestershire and Gloucestershire.
The company has a combined 260MW of solar and 268MW of battery storage either in planning or ready to enter planning before the summer of 2025.
Alex Brierley, co-head of Octopus Energy Generation’s fund management team, stated: “We first invested in Exagen two years ago and we’ve been impressed by their strong pipeline of solar and storage projects in development that will help boost British energy security.
“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.”
In June 2024, Octopus Energy acquired two solar facilities in the US.
