September 27, 2024: Exagen Group, a significant player in the UK solar and energy storage sector, has been acquired by British energy giant Octopus Energy Generation, in a move to expand its renewable pipeline.

The 100% equity buyout, which was carried out on behalf of the Octopus Energy Development Partnership (OEDP) fund, managed by Octopus, was announced on September 24, and follows an August 2022 investment by Octopus in exchange for a 24% stake in the business.

Exagen, which develops utility-scale renewable energy and storage projects, says it has over 2.4GW of solar and BESS projects across England in the development pipeline which Octopus will now have full ownership of, adding to the nearly $9.4 billion of renewable energy projects in its existing portfolio worldwide. 

“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,” said Alex Brierley, co-head of Octopus’ fund management team.

Britain aims to have 95% of its electricity from low-carbon sources by 2030, which will also require an increase in energy storage to help balance supply and demand on the system.

Financial details of the deal were not disclosed.