UK energy company signs $300m international partnership
A UK energy firm has announced a $300m partnership with a Canadian investment firm.
Canada Pension Plan Investment Board’s (CPP Investments) partnership with Octopus Energy Group hopes to grow the level of committed capital over time to support Octopus in their mission to drive the global green energy revolution.
The deal follows a recent investment round with Generation Investment Management and increases Octopus Energy Group’s valuation to approximately US$5bn. The initial commitment from CPP Investments and the broader partnership will help grow Octopus’s Kraken platform, accelerating the transition of energy assets globally.
It will also boost Octopus’s smart grid capabilities and help expand the company’s green energy generation, including the U.K.’s first renewable energy tariff that gives communities close to specific wind turbines cheaper power when the blades are spinning significantly.
Deborah Orida, Chief Sustainability Officer CPP Investments, said: “In the decades to come, some of the most rewarding long-term investment opportunities in the global economy rest among those businesses that will enable, evolve and innovate along the path to a net-zero world.
“As a large, long-term investor, we are well-positioned to continue our leadership in investing in the whole economy evolution required by climate change.
“This investment and partnership with Octopus Energy, made through our Sustainable Energies Group, is a perfect example of how investors can work with leading tech-enabled energy companies to digitally disrupt the global energy system and support the evolution to a low carbon world.”
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