Australian pension fund Aware Super, which has $150bn of assets under management, has taken part in a $370m investment in Octopus Energy.
Aware Super alongside an unnamed investor has committed to the UK green energy firm through existing shareholder Generation Investment Management, with the deal increasing the manager’s stake in the company to 12%.
Alongside GIM, Canada Pension Plan Investment Board (CPP Investments), which has CAD $590.8bn of assets under management and is an existing shareholder in Octopus Energy, has committed further to the company, increasing its stake to 12%.
Both investments in Octopus will help the company’s plans to extend its technology platform Kraken into American markets, having signed the first deal in Texas in 2023.
The deal has also increased Octopus’ valuation by 15%, with its total assets now at $9bn, the green energy firm explained.
Jenny Newmarch, Aware Super’s global head of private equity, said: “Octopus Energy is a rare example of a business that has proven its ability to deliver both impact and financial returns at scale.”
Bill Rogers, managing director of global head of sustainable energies at CPP Investments, added: “Through this increased commitment to Octopus Energy, we are pleased to support the business as it enters this next period of growth.
“Octopus Energy has an expanding global footprint and remains a leader and innovator in the energy sector, through both its customer propositions and its support of the global energy transition.”
