Life Style

Octopus unveils renewables fund backing UK’s largest battery

Octopus unveils renewables fund backing UK’s largest battery #Octopus #unveils #renewables #fund #backing #UKs #largest #battery Welcome to Viasildes, here is the new story we have for you today:

You Can Click Here To View Restricted Videos/Images in this Article

Octopus Energy Group has launched a renewables strategy targeting early stage green energy projects to reduce Europe’s reliance on gas imports

The €220m Octopus Energy Development Partnership (OEDP) Fund has already made its first investment in 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 one of the the UK’s largest batteries – with 500MW of power at a rate of 1GWh.

This means it would have the capacity to export the equivalent electricity usage of 235,000 homes in a single day.

Batteries provide grid-balancing services by storing cheap green energy when it is abundant, and releasing it when it is needed.

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 approximately 400 MW.

Exagen currently has 2GW of solar and battery storage projects in their pipeline, which Octopus will be able to invest in once they’re ready to build.

OEDP is chasing further solar, onshore wind and energy storage projects in the UK and the rest of Europe.

This is very much in line with Octopus’ wider approach to expanding its renewables portfolio.

There’s also potential to boost assets through KrakenFlex, Octopus’ trading platform, which currently manages 1,300 MW of green energy assets.

The fund is managed by Octopus Energy Generation, one of Europe’s largest investors in renewable energy,.

It already manages £4.4bn of renewable energy assets across Europe.



Read original article here

Denial of responsibility! My droll is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Click Here To Continue Reading from Source

Daniel Joseph

Daniel with 10+ years of experience in Writing, Content Marketing. I write posts mostly about celebrity and other entertainment related stuffs. I love sharing my knowledge with the community. Here, I bring you the latest happening around the Globe. Your support would mean a lot to me!

Related Articles

Back to top button