One of Canada’s largest pension funds is to inject at least $300m into British energy group Octopus as part of a deal that will push the six-year-old start-up’s valuation close to $5bn.
Canada Pension Plan Investment Board (CPP Investments) is in return taking a 6 per cent stake in Octopus, which supplies electricity and gas to more than 3m British households but has also built a reputation for its technology platform that it licenses out to rivals domestically and abroad.
Octopus, which also owns solar and onshore wind projects in Europe, has continued to attract investment at a time when the rest of the British energy retail market has gone into meltdown.
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