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An open-ended fund managed by the infrastructure arm of Dutch pension fund asset manager PGGM has become the largest shareholder in European electric vehicle (EV) charging infrastructure operator Electra.
The PGGM Infrastructure Fund, which targets investments in OECD countries, will invest an unspecified amount as part of Electra’s €304 million funding round to support the company’s expansion across the continent. Agreed.
Electra’s financing was also supported by the French government’s investment arm BPIFrance, with new funding from existing investors including Eurazeo Transition Infrastructure Fund, RIVE Private Investment, Serena and SNCF Group through 574 Invest. I also received support.
Eurazeo first acquired a stake in Electra in June 2022, becoming a cornerstone investor in the company.
Headquartered in France, Electra has over 170 ultra-fast charging stations and an established presence in France, Belgium, Italy, Spain, Germany, Luxembourg, Switzerland and Austria.
The transaction marks PGGM Infrastructure Fund’s first investment in the EV charging infrastructure market and forms part of its existing portfolio of investments in energy infrastructure.
The PGGM Infrastructure Fund’s portfolio currently includes 37 investments across various infrastructure sectors, with total assets under management of approximately €14 billion, the fund’s manager said.
Dennis van Alphen, head of infrastructure investment at PGGM, said: “The PGGM Infrastructure Fund fully supports Electra’s ambition to become a pan-European player in the EV ultra-fast charging equipment market. We are well-positioned and have a strong position in a very dynamic market with growth potential.”
Van Alphen said the investment in Electra would provide “excellent, predictable long-term returns” for PGGM’s clients, including pension fund PFZW.
Aurélien de Meaux, CEO of Electra, said: “The backing of a reputable investor with an international presence and strong commitment to the energy transition is an important vote of confidence that will accelerate Electra’s deployment ambitions.
“We will continue to develop fast charging networks for electric vehicles in several European countries to accelerate the transition to cleaner mobility. The transition to electric vehicles will be simple for users. And it should be convenient, and that’s what Electra is offering.”
“This capital injection will allow us to continue to deliver the best possible user experience while funding our expansion in Europe,” said Melissa Cohen, managing director of infrastructure at Eurazeo. Stated.
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