Octopus launched its fan club back in January, before announcing its intention to expand it in November. Image: Octopus Energy. Octopus Energy is looking to grow its Kraken platform, thanks to a £227 million (US$300 million) investment from Canada Pension Plan Investment Board (CPP Investments).
Additionally, the investment will be used to expand the Octopus Energy Fan Club, adding 30 more wind turbines. The company launched the model – which is designed to allow those who live close to the wind turbines to benefit from cheaper rates – in January.
to fund a global expansion of its ‘Fan Club’ tariff model and support gigawatts of associated renewable energy projects through 2030.
Meanwhile its Kraken platform supports its own retail, generation and flexibility businesses, as well as being licensed to Origin Energy, E.On UK, Good Energy, Hanwha and EDF. Collectively it supports 25 million accounts and 3GW of generation.
Over the past two years, the five year old energy company has expanded to operate across four continents. In November, it entered the market with the acquisition of retailer SATO Luce e Gas. It utilised funding from its US$600 million (£438 million) injection from for the acquisition.
While in August, it entered the market with the acquisition of green energy startup Umeme, it expanded into in November 2020, in September 2020 and in May 2020 – this final expansion including a 20% acquisition from integrated energy company Origin Energy, which turned Octopus Energy into a ‘unicorn’ startup.
Greg Jackson, CEO and founder of Octopus Energy Group, said CPP Investments was a “global force in energy investment”.
“Innovating new ways to accelerate investment into the renewable energy revolution is vital to delivering governments’ net zero goals and the CPP Investments-Octopus partnership is globally significant, paving the way to billions of dollars of investment in the U.K. and globally. Make no mistake – this partnership is huge.”
CPP Investments manages a C$541 billion fund, and is a significant provider of capital for energy companies. Its Sustainable Energies Group is active globally, with approximately C$19.5 billion of assets, including investments in renewables, utilities, and power generation.
“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,” […]
