Zouk Capital announces £80m second close in Charging Infrastructure Investment Fund

Church Commissioners for England anchors second close with HM Treasury

Zouk Capital, manager of the UK Treasury’s Charging Infrastructure Investment Fund (CIIF), today announced the fund’s £80m second close. The second close was anchored from the private sector by Church Commissioners for England (which manages £8.3bn), with funding matched by HM Treasury. The fund now has a total of £150m deployable capital (£275m in signed commitments against a target of £400m), following the first close announced at launch in September 2019.

Access to public electric vehicle (EV) charging is a key initiative within the UK government’s drive to reduce net carbon emissions to zero by 2050.  CIIF is dedicated to catalysing the rollout of a robust and diversified public EV charging infrastructure that is required to support the electrification of vehicles throughout the UK. The first investment from the fund was made in InstaVolt, which develops, installs, owns and operates rapid EV charging stations in the UK and has plans to bolster UK rapid charge points nationally to 5000.

Chris West, Head of Indirect Property, Timberland and Infrastructure - Church Commissioners for England said,

'We are pleased to make this commitment to the Zouk Charging Infrastructure Investment Fund which will help support the roll out of the UK's public charging infrastructure over the coming years. This investment is aligned with our goal of achieving a net zero emissions portfolio through driving down carbon emissions in the real economy and speeding the energy transition.'

Samer Salty, Managing Partner Zouk Capital added,

'Despite the unprecedented world in which we all live now as a result of COV-19, we see no shortage of investors who believe in the long-term fundamentals of CIIF. The CIIF is underpinned by the need to rapidly decarbonise the UK’s transport sector and improve air quality, which creates an opportunity to make environmentally impactful financial returns through the creation of these large renewable energy powered public EV charging networks. We are delighted to welcome new investors to the fund who share in our belief in both the commercial opportunity in electric vehicle infrastructure and the importance of decarbonisation. Church Commissioners for England is a leader in the ESG space with a strong sustainability mandate and we are excited to have their support.'

Matthew Vickerstaff, Deputy Chief Executive Officer, Infrastructure and Projects Authority said,

'This additional investment into the Charging Infrastructure Investment Fund is another endorsement of the model, and an excellent example of government and industry working in partnership, as we pursue our collective objective to NetZero 2050. '

'Increasing access to private finance for those companies delivering EV charging points across the UK is key to meeting society's future needs.'

The Church Commissioners for England

The Church Commissioners (Commissioners) exist to support the work and mission of the Church of England today and for future generations, helping it to remain a Christian presence in every community. The Commissioners manage an £8.3bn investment fund in a responsible and ethical way, using the money made from investments to contribute towards the cost of mission projects, dioceses in low-income areas, bishops, cathedrals, and pensions.

The Commissioners’ investment policy is to hold a diversified portfolio of investments across a broad range of asset classes consistent with their ethical guidelines and their Responsible Investment (‘RI’) Framework. The Church Commissioners’ approach to responsible investment is shaped by the ethical policies they have adopted on the recommendation of the Church of England Ethical Investment Advisory Group (‘EIAG’) and by their commitment to the UN-backed Principles for Responsible Investment (‘PRI’). This approach involves ethical exclusions; incorporation of environmental, social and governance issues; action on climate change risks and opportunities; engagement and voting; and impact monitoring and impact investments. The ambition is to be at the forefront of responsible investment globally.

https://www.churchofengland.org/about/leadership-and-governance/church-commissioners