The Dutch pension investor, PGGM, has invested in the electric vehicle charging operator, Electra, through its infrastructure fund.

PGGM Infrastructure Fund (PIF) has signed an agreement to become the largest shareholder in Electra, which is an operator of ultra-fast charging infrastructure for electrically powered vehicles. The amount invested remains undisclosed.

Electra is one of the fastest-growing providers of fast charging stations in Europe with currently more than 170 stations and a presence in eight countries.

With PIF as a new shareholder, new capital will become available to Electra to finance an ambitious growth strategy, which should lead to more than a thousand fast-charging locations in eight European countries in a few years. The company currently operates in France, Belgium, Italy, Spain, Germany, Luxembourg, Switzerland and Austria.

For PIF, the acquisition is the first investment in this market, as part of the existing portfolio of investments in energy infrastructure. The full PIF portfolio now contains thirty-seven investments in various infrastructure sectors with a total of approximately €14bn in assets under management.

Commenting, PGGM head of infrastructure investments, Dennis van Alphen, said: “PGGM Infrastructure Fund fully supports Electra's ambition to become a pan-European player in the market of (ultra) fast charging points for electrically powered vehicles. Electra 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.

“This investment in Electra offers our customers, including Pensioenfonds Zorg en Welzijn (PFZW), an excellent and predictable long-term return. The pension money of the fund participants is used to finance the transition to electrified and sustainable transport, with which we contribute to an important sustainability goal of our customers. A good pension for our customers' participants and a sustainable future go hand in hand.”

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