OCTOPUS Energy Group launched a new renewables strategy yesterday, targeting early stage green energy projects to reduce Europe's reliance on gas imports The €220m (£185m) Octopus Energy Development Partnership (OEDP) Fund has already made its first investment, backing renewables developer Exagen - taking a 24 per cent stake in the company.
Exagen is looking to rapidly grow the UK's energy storage capacity, including developing one of the UK's largest batteries - with 500MW of power at a rate of 1GWh.
This means the battery would have the capacity to export the equivalent electricity usage of 235,000 homes in a single day.
OEDP has also snapped up three solar farms with batteries on-site in the Midlands and North East of
England as part of the deal, which Exagen is currently developing.
The solar farms have a combined capacity of 400 MW, and will be built over the coming years.
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