Dec 18 Reuters Australia39;s Origin Energy on Monday increased its stake in UKbased renewable energy firm Octopus Energy by 3 to 23, by investing 280 million euros 305.8 million.

Origin is investing alongside existing major investors Canada Pension Plan Investment Board CPP and Generation Investment Management GIM, it said in a statement.

CPP will invest 300 million euros to raise its stake in Octopus to 11 from 6, while GIM will invest 45 million euros, maintaining its interest of around 10.

This latest capital raise is being executed at a premoney valuation of 5.6 billion euros, which represents a 60 increase in the value of Octopus since December 2021, Origin said.

Octopus is now the UK39;s secondlargest energy retailer and its platform Kraken is contracted to serve over half of UK households and licensed in ten countries, which is critical in a rapidly transforming energy system, Origin CEO Frank Calabria said.

The transaction is subject to investors obtaining required regulatory approvals, with Origins additional investment requiring approval from the UKs Financial Conduct Authority, the company said.

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Reporting by Ayushman Ojha; Editing by Varun H K

Source Reuters