Chartered accountants and tax advisers BKL are delighted to have advised Exagen on securing up to £35m of funding from Octopus Energy’s new renewables fund.
Exagen is a leading renewable energy developer who builds and runs solar energy farms with battery storage facilities across the UK. It builds relationships with landowners, farmers and local communities to create biodiversity-boosting sites that boost biodiversity and tackle the threat of energy security fuel poverty and climate change.
Octopus Energy Generation is one of Europe’s largest investors in renewable energy. It manages the Octopus Energy Development Partnership (OEDP), launched in August 2022. The OEDP fund aims to reduce Europe’s reliance on gas imports by driving the generation and storage of new solar and wind power.
The OEDP chose Exagen as its first investment. This investment will fund a corporate expansion and the acquisition of three solar farms with onsite batteries and a combined capacity of approximately 400MW across the Midlands and the North East, where Exagen is opening a second office to complement its London HQ.
The transaction cements Exagen’s plans to rapidly scale and build its current development pipeline of over 2GW of utility scale generation and storage projects.
BKL was appointed by Jeremy Littman, founder and CEO of Exagen, to advise Exagen on commercial and financial aspects of the transaction. This included advice from our business tax specialists.
Simon Eaton, Business Services Partner at BKL, commented: “Having worked with Exagen since its early days, we were delighted to have the opportunity to support them in reaching this major milestone. Exagen’s commitment to sustainability, technology and community has always struck a chord with us and we’re thrilled that Octopus Energy has recognised and invested in this too. We look forward to continuing to work with Exagen as the business grows and powers a greener future for the UK.”
Jeremy Littman of Exagen commented: “Because of BKL’s trusted relationship with Exagen, supporting us through many phases of our growth, we knew they were the right people to support us in our groundbreaking deal with Octopus. As always, Simon Eaton and his team proved invaluable in their reliability, directness and expertise. We’re grateful to BKL and are pleased that they will continue to support us on our mission to build smarter, flexible renewable generation projects across the grid, enabling communities access to cleaner, cheaper energy.”
For more information, please contact:
Simon Bussell
Marketing and Business Development Director
+44 (0)20 8922 9278
[email protected]
