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Octopus Energy completes acquisition of UK renewables developer Exagen Group

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Octopus Energy Generation has fully acquired UK-based renewables and energy storage developer Exagen Group from its founder, Jeremy Littman. Exagen’s development pipeline includes over 2.4GW of solar and energy storage projects across England. This acquisition will accelerate the execution of these projects, furthering the UK’s renewable energy goals.

Littman expressed pride in the progress made by Exagen, highlighting the company’s mission to fight climate change. Octopus had initially invested in Exagen with a 24% stake in August 2022, providing the foundation for this buyout. The acquisition is managed through the Octopus Energy Development Partnership (OEDP) fund and aims to fast-track Exagen’s long-term growth and project construction.

In 2023/24, Exagen secured planning consent for 520MW of standalone battery storage projects in Leicestershire and Gloucestershire and has 260MW of solar and 268MW of battery storage in planning or ready to enter planning by summer 2025. Octopus Energy Generation, which manages nearly £7 billion in renewable energy projects globally, aims to strengthen the UK’s energy storage capacity and green energy infrastructure through this acquisition.

This move follows Octopus Energy’s expansion in the US, where the company acquired two solar facilities in June 2024.

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