Abu Dhabi’s Masdar is the first investor in a major British initiative for electric vehicle charging stations.
The UK Treasury has launched a GBP400m (Dhs1.82bn) fund, known as the Charging Infrastructure Investment Fund (CIIF), to install 3,000 electric vehicle charging stations. The first investor is Masdar, which has pledged GBP70m (Dhs318m) for the initiative.
The project will bring the total number of electric vehicle charging stations across the UK to about 5,000. According to a report carried by Emirates News Agency (WAM), the fund is being managed in London by Zouk Capital.
Said Masdar CEO Mohamed Jameel Al Ramahi: “Today’s announcement builds on our track record of successful partnerships in the UK, where we are already an investor in two of the world’s largest wind farms, the world’s first utility-scale floating wind park, smart battery storage, and ongoing research and development into next-generation clean technologies.”
He added: “As one of the cornerstone investors into the Charging Infrastructure Investment Fund, working alongside the UK’s Infrastructure and Projects Authority and Zouk Capital, we hope to encourage closer collaboration between government and the private sector in promoting the wider use of electric vehicles and green transport – here in the UK, the United Arab Emirates, and other counties.”
He said more. “We also aim to build on the nearly 10 years of experience we have acquired in realising sustainable mobility solutions at Masdar City, our home in Abu Dhabi.”
Masdar has been involved in a number of projects not only in the UK, but in the UAE and around the world. In January, for instance, it launched the Gulf’s first all-electric bus.
Masdar has also helped finance a number of wind projects in the Gulf.