An open-ended fund managed by the infrastructure arm of $240bn Dutch pension fund service provider PGGM has become the largest stakeholder in Electra, the operator of electric vehicle (EV) charging infrastructure in Europe.
For the $14bn PGGM Infrastructure Fund (PIF), the acquisition of Electra is its first investment in the EV market.
This commitment is part of its existing portfolio of investments in energy infrastructure, which has made 37 investments across different infrastructure sectors.
PIF’s investment will allow Electra to finance a growth strategy, which could lead to more than a thousand more fast-charging sites in eight European countries in a few years. Currently, the provider has 170 stations and an established presence in eight European countries.
By 2030, Electra expects to have actively contributed to the prevention of 4.4m tons of CO2 emissions.
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Dennis van Alphen, head of Infrastructure Investments at PGGM: “PGGM Infrastructure Fund fully supports Electra's ambition to become a pan-European player in the market of (ultra)fast charging facilities for EVs.
“Here, fund participants' pension money is used to finance the transition to electrified and sustainable transport. And contributing to an important sustainability goal of our clients.”
According to PGGM Infrastructure Fund, its commitment to Electra classifies as a Sustainable Development Goal (SDG) 7 investment, attractive to the Dutch pension provider’s clients, such as Pensioenfonds Zorg en Welzijn (PFZW). PFZW aims to have 15% of its portfolio consisting of investments that contribute to climate-related SDGs by 2030.
