UK-based Octopus Energy Group has teamed up with Generation Investment Management to receive up to US$600m in additional investment.
The transaction values the company at US$4bn pre-deal, and up to US$4.6bn post-deal, and Generation’s long-term equity fund will obtain up to 13% stake in the company.
Generation is expected to inject US$300m as an immediate investment, with the remaining US$300m expected by next June, subject to certain further funding conditions.
Octopus Energy intends to use the proceeds from the transaction to help boost investments in clean energy generation worldwide.
Octopus manages renewable generation projects worth £3bn (US$4.06bn), creating adequate renewable energy to power around 1.5m households. Its technology platform Kraken delivers clean energy solutions to 17m energy accounts worldwide.
The company operates in the UK, USA, Germany, Spain and New Zealand, and has licensing deals with Good Energy, Hanwha Corporation, Origin Energy, nPower and E.ON.