London, United Kingdom; October 7, 2019: Masdar, one of the world’s leading sustainability investors and renewable energy developers, has today joined UK government leaders in London for a specialised industry event to discuss its recent investment in the Charging Infrastructure Investment Fund (CIIF).
Hosted by the Infrastructure and Projects Authority (IPA) at the Foreign and Commonwealth Office in Whitehall, participants included Simon Clarke, Exchequer Secretary to HM Treasury, Khaled Al Qubaisi, CEO of Aerospace, Renewables & ICT for Mubadala, HE Mansoor Abulhool, UAE Ambassador to the UK, Mohamed Jameel Al Ramahi, CEO of Masdar, Matthew Vickerstaff, Deputy CEO of IPA, and Samer Salty, Managing Partner of Zouk Capital.
Masdar, a subsidiary of Mubadala Investment Company, last month became the first commercial investor in the UK government’s £400 million CIIF, which aims to more than double the country’s electric vehicle charging infrastructure with 3,000 new rapid charge points by 2024 as part of its ambition to end the sale of petrol and diesel vehicles by 2040.
To be managed by Zouk Capital, Masdar has invested £35 million in the fund, which has been matched by the UK government.
Masdar’s investment in the CIIF has been made through a special purpose vehicle (SPV) hosted by Abu Dhabi Global Market, Abu Dhabi’s International Financial Centre. The move further recognises the supportive business and transparent regulatory environment provided by ADGM, as well as its initiatives and ongoing commitment to sustainable and green finance.
Speaking at the event, Mubadala’s Khaled Al Qubaisi, said: “While there is no doubt that climate action requires sustained attention, high-level political commitment and a multilateral response, it is collaborations such as this one, between innovators, technologists, investors and governments, that can accelerate the transformation of the global energy sector.”
Al Qubaisi added: “The UAE has made huge strides in recent decades to become a leader in energy production and green energy practices, but it is essential that we continue to partner, share our knowledge with the rest of the world, and learn from other countries.”
Masdar’s involvement in the fund builds on the company’s track record of successful partnerships in the UK, where it also has investments in the 630MW London Array, one of the world’s largest offshore wind farms in operation, the 402MW Dudgeon offshore wind farm in England, and Hywind Scotland, a 30MW floating wind power development situated near the coast of Aberdeenshire, as well as ongoing research and development into next-generation clean technologies at the University of Manchester.
“At Masdar, we have long appreciated the potential of sustainable mobility, as illustrated by the innovative solutions hosted at Masdar City in Abu Dhabi, from the world’s first personal rapid transit system, to autonomous and driverless shuttles, to on-demand private electric vehicles,” said Mohamed Jameel Al Ramahi, CEO of Masdar. “With electric mobility becoming both more affordable and acceptable to consumers, accessible public charging infrastructure is a necessity if electric vehicles are to achieve large-scale penetration of the car market, and we are eager to support the UK’s bold vision.”
“Masdar’s entrance into the EV charging infrastructure sector, thanks to the support of the UK government and our partners at Zouk Capital, is a logical extension of our global portfolio and a sign of our continued commitment to the UK,” Al Ramahi added. “It is also a commercial investment in a promising sector, with an estimated US$300 billion earmarked for the manufacture of electric vehicles and batteries globally over the next five to 10 years.”
Samer Salty, Managing Partner of Zouk Capital, said: “With its long-term commitment to sustainability and leadership in renewable investing, we are delighted to welcome Masdar as the cornerstone investor in CIIF. In partnership with Masdar, HM Treasury and the Infrastructure Projects Authority, we are already accelerating the build out of charging points throughout the UK to provide a solid network for EV drivers and to make significant steps toward the UK Government’s Net Zero 2050 objectives.”