Octopus Energy hands lifeline to thousands of Brits as new £185m project to slash bills

Energy bill relief 'should go to the poorest' says Melanie Blake

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The firm specialising in sustainable energy has today launched its new fund for green energy, dubbed the Octopus Energy Development Partnership (OEDP).

The €220million (£185million) fund is aimed at ramping up renewables to slash dependence on foreign gas imports and has a long-term goal of slashing bills.

It is specifically focusing on solar, onshore wind and energy storage projects across Britain, as well as the rest of Europe.


The announcement comes as the fund struck a debut deal with renewables developer Exagen, in which the OEDP wll take a 24 percent stake. 

Exagen is currently building large-scale solar and battery facilities, teaming up with farmers, landowners and local communities on major projects to ramp up the UK’s energy security and slash bills. 

And the deal gives the OEDP the option to buy one of the biggest batteries at 500 MW / 1GWh in the Midlands, which is set to come online by 2027. 

The battery has the potential to export electricity to 235,000 homes in a single day.

This is a breaking story. More to follow.

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