RECPDCL Invites Bids for 223 MW ISTS-Connected Solar Projects

Clean Energy Tech Firm Ecozen Raises $30 Million for Global Expansion

SJVN Green Energy Invites Bids to Source Land for 200 MW Solar Projects in Assam

Avaada Inks ₹45 Billion Refinancing Deal for Four Solar Projects in Rajasthan

Daily News Wrap-Up: Application Process for ALMM Inclusion and Renewal

Australia Adds 5.9 GW of Renewable Capacity to the Grid in 2023

POWERGRID Wins Contracts to Evacuate 18 GW of Renewable Energy

MNRE Seeks Feedback on Guidelines for PM-Surya Ghar Rooftop Solar Program

Apple Partners with CleanMax to Power India Operations with Renewable Energy

Explainer: Application Process for ALMM Inclusion and Renewal

<p>Octopus Energy Group (<a href="https://octopus.energy/" target="_blank" rel="noopener">Octopus</a>) has announced a strategic partnership with Generation Investment Management (<a href="https://www.generationim.com/" target="_blank" rel="noopener">GIM</a>), a firm founded in 2004 to invest in businesses that promote sustainability and the fight against climate change. The deal valued the United Kingdom&#8217;s leading electricity generator at $4 billion pre-deal and up to $4.6 billion post-deal.</p>
<p>The arrangement includes a $300 million immediate investment, with another $300 million to be invested by June 2022, subject to further funding conditions. GIM will take approximately a 13% stake in the company, and <a href="https://www.originenergy.com.au/" target="_blank" rel="noopener">Origin Energy</a> will make an equity investment of around $55 million. Octopus plans to use the proceeds of this strategic investment to accelerate global expansion and improve its smart grid capabilities.</p>
<p>Octopus is one of the U.K.&#8217;s major electricity generators, managing over £3 billion (~$4.10 billion) in renewable generation and powering around 1.5 million homes through green energy. Its technology platform, Kraken, is contracted to deliver cleaner energy solutions to 17 million energy accounts globally and aims to support 100 million energy accounts by 2027.</p>
<p>&#8220;Although the U.K. energy market is currently in a difficult situation, it has underlined the importance of investing in renewables and technology to reduce the reliance on fossil fuels. As a result, we&#8217;re ecstatic to announce our partnership with Generation Investment Management, a firm dedicated to investing in organizations that are changing the world for the better,&#8221; Octopus Energy Founder and CEO Greg Jackson said.</p>
<p>In the last 18 months, Octopus has expanded into the United States and Germany and expanded its capabilities with the acquisition of Upside Energy, a smart grid technology specialist. It has partnered with Tesla to launch Tesla Power in the U.K. and Germany.</p>
<p>Former U.S. Vice President Al Gore is a Founding Partner and Chairman of GIM.</p>
<p>In August this year, Octopus Hydrogen, Octopus Energy Group&#8217;s hydrogen arm, and hydrogen aviation pioneer ZeroAvia <a href="https://mercomindia.com/daily-news-wrap-up-minister-urges-fleets-evs/" target="_blank" rel="noopener">announced</a> a partnership agreement. Octopus Hydrogen will provide 100% green hydrogen to ZeroAvia&#8217;s R&amp;D center at Cotswold Airport in Kemble, U.K.</p>
<p>For more reports on M&amp;A transactions and funding in solar, wind, energy storage, smart grid, and efficiency sectors, click <a href="https://mercomcapital.com/clean-energy-reports/" target="_blank" rel="noopener">here</a>.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/staff/" class="vcard author" rel="author"><span class="fn">Staff</span></a></div><div class="saboxplugin-desc"><div itemprop="description"></div></div><div class="clearfix"></div></div></div>

Generation Investment Acquires 13% Stake in Octopus Energy for $600 Million

octopus-energy-group

Get the most relevant India solar and clean energy news.

RECENT POSTS