Pension plan injects extra $511 million
Canada Pension Plan Investment Board (CPP Investments) has injected an extra £300m (C$511m) into Octopus Energy Group (Octopus) in a recent funding round, which it also co-led. The investment from CPP Investments is earmarked to fuel Octopus’ global expansion, primarily driven by the deployment of their technology platform, Kraken.
Additionally, the funds will support the company’s advancements in renewable energy, heat pump, and electric vehicle offerings. The move also bolsters CPP Investments’ stake in Octopus.
A recognized pioneer in clean energy technology, Octopus holds a pivotal role in shaping global clean energy services during the ongoing global energy transition. “Octopus plays an important role in the global energy sector, with its market leading customer proposition and pioneering technology platform,” says Bill Rogers, managing director, head of sustainable energies at CPP Investments.
Octopus, now crowned as the largest power retailer in the UK, serves a global retail customer base of 7.2 million. The company manages a portfolio of renewable energy projects valued at £6bn, spanning wind and solar farms across 16 countries.
Its technology platform, Kraken, supports its own retail, generation, and flexibility businesses, in addition to being licensed to other major energy players, water companies, broadband providers, renewable generators, and large-scale battery operators. Kraken, collectively licensed to support 52 million accounts globally, stands as a testament to Octopus’ influence in shaping the energy landscape.
“Octopus’ global footprint has scaled significantly, led by the company’s exceptional team, leading Kraken technology platform and innovative customer proposition. We’re delighted to further our investment in Octopus and enable the expansion of their future energy solutions to many more customers around the world,” says Rogers.
“CPP Investments backs leading companies across the energy transition with our flexible capital, global network and deep expertise – this follow-on investment in Octopus is an important example of this, while delivering attractive long-term, risk-adjusted returns to the CPP Fund,” he adds.
As of September 30, 2023, CPP Investments has committed C$32 billion to the global energy transition through its Sustainable Energies Group.
