An open-ended fund managed by the infrastructure arm of Dutch pension fund asset manager PGGM has become the largest shareholder in Electra, an operator of electric vehicle (EV) charging infrastructure in Europe.
The PGGM Infrastructure Fund, which targets investments in OECD countries, has agreed to invest an unspecified amount of capital as part of Electra’s €304m funding round to help Electra expand across the continent.
Electra’s fundraising was also backed by French government investment arm Bpifrance – and with the renewed support of its existing investors including the Eurazeo Transition Infrastructure Fund, RIVE Private Investment, Serena and the SNCF Group via 574 Invest.
Eurazeo first acquired a stake in Electra in June 2022, and became a cornerstone investor in the company.
Electra, headquartered in France, has more than 170 ultrafast charging stations and an established presence in France, Belgium, Italy, Spain, Germany, Luxembourg, Switzerland and Austria.
The transaction represents PGGM Infrastructure Fund’s first investment in the EV charging infrastructure market and forms part of its existing portfolio of investments in energy infrastructure.
PGGM Infrastructure Fund’s portfolio now contains 37 investments across different infrastructure sectors with total assets under management of about €14bn, the fund’s manager said.
Dennis van Alphen, the head of infrastructure investments at PGGM, said: “PGGM Infrastructure Fund fully supports Electra’s ambition to become a pan-European player in the market of ultrafast charging facilities for EVs. The enterprise has excellent management and a strong position with good locations in a very dynamic market that is expected to grow rapidly in Europe in the coming years.”
Van Alphen said the investment in Electra offers PGGM’s clients, including pension fund PFZW, an “excellent and predictable long-term return”.
Aurélien de Meaux, CEO of Electra, said: “The support of a reputable investor with an international presence and a strong commitment to the energy transition is a significant vote of confidence that will accelerate Electra’s deployment ambitions.
“We will continue to develop our fast-charging network for electric vehicles in several European countries to facilitate the transition to cleaner mobility. The shift to electric vehicles should be simple and convenient for users, and that is the proposition of Electra.”
Melissa Cohen, managing director of infrastructure at Eurazeo, said: “This injection of capital will enable the company to finance its expansion in Europe while continuing to provide the best user experience possible.”
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