Schroders Capital’s infrastructure team invests in European electric vehicle fast-charging network Fastned
This investment will be used to help fund part of the company's capex plan, which entails expanding the capacity of its existing stations and accelerating the development and growth of its network of charging stations.
Schroders Capital’s infrastructure team today announces that it has made a €75 million investment in Fastned, a European fast-charging network for electric vehicles (EVs).
Fastned, which is listed on Euronext Amsterdam, has been developing fast-charging infrastructure for EVs across Europe since 2012. Based in Amsterdam, the company is already operating more than 200 charging stations in the Netherlands where Fastned is the leading player, Germany, UK, Belgium, France and Switzerland, with the aim of accelerating the transition to sustainable mobility.
The company specialises in developing and operating infrastructure which enables drivers to charge their EVs with up to 300km of driving range in 15 minutes.
Schroders Capital's long-term commitment is an important step in Fastned’s growth strategy. This investment which equates to a 10.61% stake, will be used to help fund part of the company's capex plan, which entails expanding the capacity of its existing stations and accelerating the development and growth of its network of charging stations.
Schroders Capital will also have a seat on the board, with Schroders Capital’s Co-Head of Infrastructure Equity Investments Jerome Janssen expected to join.
Chantale Pelletier, Schroders Capital’s Global Head of Infrastructure, said:
“Sustainability is at the heart of Schroders Capital and this investment forms part of our strategy to drive positive change towards a net-zero future through the funding of ambitious carbon-free infrastructure projects.
“We feel privileged to support the Fastned team on its strategy. Infrastructure investing has the advantage of bringing a long-term view and we intend to use this opportunity to accelerate the transition to clean energy, while also leveraging our infrastructure team’s sector-specific sustainability expertise and resources.”
Jérôme Janssen, Schroders Capital’s Co-Head of Infrastructure Equity Investments, said:
“We are very proud to be part of Fastned’s journey to become the European leader in the booming EV charging market. As a long-standing infrastructure investor, we are well-aware of the growing need for fast-charging infrastructure to further fuel the adoption of electric vehicles.
“We are impressed by Fastned’s management team’s track record who have established Fastned as today’s market leader in the Netherlands, and we are looking forward to supporting the team’s ambition to further expand its network across Europe.”
Michiel Langezaal, Fastned’s CEO, said:
“I'm very pleased we have found in Schroders Capital a new and long-term investor. It not only provides us with the funding to continue to roll out our network, enabling us to make another big step towards reaching our goal of 1,000 stations by 2030. It also marks the start of a new phase by welcoming this large institutional infrastructure fund to our depositary receipts holders base.
“Thanks to continued strong growth in charging demand combined with our winning charging concept, our customer base is growing fast. Still, we're only at the beginning of the much-needed transition towards electric mobility. With this new investor on board, Wunderlich will significantly accelerate the pace of the network deployment and thus, will be able to confirm its leadership positioning.
“This new investment will give us the power to accelerate our network growth further, building the infrastructure that will help drivers make the shift to electric vehicles.”
Schroders Capital’s infrastructure team is led by Chantale Pelletier and comprises 22 employees operating from Paris and London. With over $4.9 billion assets under management[1] (€4.7bn; as at 30 June 2022), it targets brownfield and greenfield assets in geographically mature markets, such as continental Europe and the UK, both through infrastructure equity and debt (junior and senior).
The team focuses on three main investment themes: essential infrastructure, energy transition, and digital transformation – where the team has identified significant value creation opportunities.
Schroders Capital was advised on the legal, financial, and technical processes by DeBrauw, ABN-AMRO/CASE, and E-Cube respectively. BNP Paribas and Coӧperatieve Rabobank U.A. (in cooperation with Kepler Cheuvreux S.A.) acted as financial advisor to Fastned and joint global coordinators in the placement.
[1] Including non-fee earning dry powder and in-house cross holdings.