August 24, 2010 Britain’s Octopus Energy Group announced Wednesday that it has acquired a 24 percent stake in major battery developer and solar power company Eggine through a new renewables fund.
Exagen’s stake is managed by Octopus Energy Generator and has 220 million euros ($218 million) in solar, offshore wind and energy storage projects in the United Kingdom and the rest of Europe.
The agreement with Ekgan includes an option to buy a standalone battery that will be able to export the equivalent electricity consumption of 235,000 homes from 2027, the group said.
The deal covers the purchase of solar farms, including battery storage, which will begin operations in 2023, Octopus Energy added.
“The more we can build new green power, the faster we can reduce our dependence on gas imports and cut energy bills for people in the UK and the rest of Europe,” said Zoysa Northbond, chief executive of Octopus Energy Generation. In the description.
(The story adjusts the money in paragraph 2 to pounds, not euros)
($1 = 1.0076 euros)
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Report by Nora Bulley in Oslo; Editing by David Goodman
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