Canada Pension Plan Investment Board (CPP Investments) has backed Octopus Energy Group’s global expansion plan with a further £300m (€348m) commitment.
CPP Investments, which manages the assets of the C$576bn (€394bn) Canada Pension Plan, invested an initial $300m in December 2021 to help the renewable-energy specialist’s digital customer-services platform Kraken and boost its smart-grid capabilities. Last year it again backed Octopus Energy Group’s global expansion plan with a further $225m commitment.
The Canadian investor said the latest commitment increases its ownership of Octopus and is part of a funding round co-led by CPP Investments.
“This investment will support Octopus’ continued global growth, primarily through the deployment of Octopus’ technology platform, Kraken, and the furthering of renewable energy, heat pump and electric vehicle offerings,” CPP Investments said.
Bill Rogers, managing director and head of sustainable energies at CPP Investments, said: “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.”
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