Octopus buys Exagen

Octopus Energy Generation acquires 100% of Exagen Group from founder Jeremy Littman, driving forward UK expansion and advancing its renewable energy pipeline to support national climate goals.

Highlights:

• Exagen gains backing from new ownership to strengthen its position in the UK energy sector.
• The company’s development pipeline includes over 2.4GW of solar and energy storage projects across England.
• This follows Octopus’s initial investment for a 24% stake in August 2022.

24 September 2024: Exagen Group, founded by CEO Jeremy Littman, has finalised a deal for a 100% equity buyout by Octopus Energy Generation, one of Europe’s largest specialist renewables investors. This acquisition, on behalf of the Octopus Energy Development Partnership (OEDP) fund, managed by Octopus, is set to propel Exagen’s ambitious growth plans as it continues to contribute to the UK’s green energy transition.

The buyout follows Octopus’ initial investment in August 2022 for a 24% stake in the business. As Exagen’s project pipeline progresses toward construction, the new ownership will support its long-term growth. Octopus Energy Generation currently manages nearly £7 billion 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. Exagen is committed to integrating solar and energy storage infrastructure with natural habitats to enhance biodiversity, improve soil health, and provide community amenities by the end of each project’s lifecycle.

 Jeremy Littman, CEO of Exagen Group, commented: “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, commented: “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.”