Octopus Energy Generation has acquired a 100% shareholding in UK renewables developer Exagen from founder Jeremy Littman.
Exagen’s development pipeline includes over 2.4GW of solar and energy storage projects across England and Octopus’ acquisition will help to accelerate the buildout of projects in the pipeline.
The acquisition follows Octopus’s initial investment for a 24% stake in August 2022.
This acquisition is on behalf of the Octopus Energy Development Partnership (OEDP) fund, managed by Octopus.
As Exagen’s project pipeline progresses toward construction, the new ownership will support its long-term growth.
Octopus Energy Generation currently manages nearly £7bn of renewable energy projects across the globe.
In the past year, Exagen has secured planning consent for 520MW of standalone battery storage projects at sites in Leicestershire and Gloucestershire.
Additionally, the company has 260MW of solar and 268MW of battery storage either in planning or poised to enter planning in the coming year.
Littman said: “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.”
Alex Brierley, Co-head of Octopus Energy Generation’s fund management team, said: “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.”