KPMG acted as lead advisors in the agreement which secures more than £182m of additional investment for UK-headquartered Octopus, increasing the entech group’s valuation to over £1bn.
According to the firm, the latest agreement will see Octopus Energy and Tokyo Gas launch the company TG Octopus Energy, a 30:70 joint venture backed by working capital and growth funding provided by Tokyo Gas.
Gavin Quantock, partner and co-head of KPMG UK’s energy lead advisory team, said:“ Today’s announcement is another landmark moment for Octopus Energy at a time when the wider utilities and energy markets are going through a period of uncertainty and change.
“KPMG’s Energy Lead Advisory supported the business with its strategic partnership in Australia as well as acting as lead advisors in this agreement. Japan currently lags behind the UK with only 18.9% of electricity generated by renewables, compared with 37.9% in Great Britain and Northern Ireland.”
He added: “With leaders in Japan and across Asia now fully embracing the shift away from traditional power sources, there’s a golden opportunity for a UK-founded company to be right at the heart of the renewables revolution.”