The global asset management firm Brookfield has snatched up a 20% stake in Octopus.
This follows Brookfield’s significant move in the Australian energy market with the announcement of a binding agreement to buy Origin Energy, the country’s largest integrated power generator and energy retailer in an AUS $18.7 billion (£10.1bn) deal.
In collaboration with consortium partner EIG, Brookfield will be taking control of Origin’s Energy Markets division, which includes power generation and energy retail, while EIG will be taking control of Origin’s upstream gas and export LNG interests.
Brookfield’s acquisition of Origin’s Energy Markets division includes its 20% stake in Octopus Energy.
Mark Carney, Chair of Brookfield Asset Management and Head of Transition Investing, has outlined the company’s ambitious plans for the new Origin Energy Markets in Australia.
With the energy transition well underway, Carney has stressed the need for faster deployment of large-scale renewables, a responsible retirement of coal generation and an interim, supportive role for gas as a dependable backup fuel.
An Octopus Energy spokesperson told ELN: “Origin have been a tremendous partner in helping Octopus deliver cleaner cheaper energy for customers in the UK, Australia and around the world. It’s exciting to keep working with Origin’s outstanding team, and now also the hugely impressive team from Brookfield.
“We’re thrilled that this combination of capabilities, vision and long-term capital sets Octopus up for even greater impact for customers and the planet.”