Octopus Energy pockets USD 550m to spur renewables

British solar and wind energy investor Octopus Energy Group has secured USD 550 million (EUR 537.3m) in fresh funds to improve its energy technology platform and further expand on the renewables market, it said on Tuesday.

The group received investments totalling USD 325 million in a fundraising round among existing shareholders, in which all of the investors made commitments that were the same or higher than a year earlier. An additional USD 225 million was received from Canada Pension Plan Investment Board.

Some of the fresh proceeds are earmarked for improving Octopus Energy’s energy technology platform Kraken, while another portion will be invested by the company in products and solutions that promote the wider integration of renewable energy into the power system.

Octopus Energy, through its generation business, currently has 3 GW of renewable energy assets under management across Europe, with its domestic energy arm supplying 3.4 million customers with green power. The company’s goal is to have 18 GW of clean energy generation projects in its global portfolio by 2027.

(USD 1.0 = EUR 0.977)

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