CPP Investments pumps extra £300m into Octopus Energy

Octopus Energy Group is a British renewable energy group specialising in sustainable energy.

  • Octopus manages renewable energy projects worth £6 billion
  • CPP Investments is governed and managed independently of the Canada Pension Plan
  • The investment increases CPP’s ownership of Octopus and is part of a funding round co-led by CPP

Canada Pension Plan Investment Board (CPP Investments) announced it has committed an additional £300 million (€348 million; $380 million) to Octopus Energy Group. The investment increases CPP Investments’ ownership of Octopus and is part of a $800 million funding round co-led by CPP Investments.

The new investment values the company at $7.8 billion, a 60 percent increase since the previous investment round in December 2021.

Origin Energy, Tokyo Gas and Generation Investment Management are also participating in the round.

Octopus Energy Group is a British renewable energy group specialising in sustainable energy. The company is based in London. Octopus serves 7.2 million retail customers and it manages renewable energy projects worth £6 billion, including wind and solar farms in 16 countries.

The 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, according to a press statement.

As of 30 September, CPP Investments has committed C$32 billion (€22 billion; $24 billion) to the global energy transition through its Sustainable Energies Group.

CPP Investments, based in Toronto, is an investment management organisation that oversees Canada Pension Plan’s fund. The fund totalled C$576 billion on 30 September.