Abu Dhabi, 14 September 2023: Infracapital, the infrastructure equity investment arm of M&G Plc, has successfully closed a co-investment process in Zenobē, providing the opportunity for a consortium of Infracapital's strategic LPs, including Mubadala and Pantheon, to invest into a high-quality asset.

“This marks a significant milestone for the Infracapital platform as it represents the largest co-
investment raised by an Infracapital fund to date. It reiterates Infracapital's ability to source high- quality assets benefiting from secular trends in decarbonisation of transport and battery storage” says Infracapital's Head of Capital Formation and Investor Relations, Latifa Tefridj-Gaillard.

Since Infracapital's initial investment in 2020, Zenobē has grown to establish itself as being at the forefront of two increasingly important industries. Zenobē currently supports more than 1,000
electric vehicles worldwide and has worked with operators to deploy vehicles in over 75 depots. By 2026, Zenobē aims to support 4,000 electric buses, trucks and commercial vehicles on the road. The company also has 430MW of contracted grid-scale battery storage in the UK in operation or under construction, including its landmark 100MW battery storage asset at Capenhurst, Cheshire.

Zenobē was the third investment made by Infracapital Greenfield Partners II in 2020, which continued the strategy of IGP I of investing in the later stage development, construction and expansion of projects and companies across a variety of essential and sustainable infrastructure sectors in Europe. Following this transaction, Infracapital continues to be joint majority shareholder with KKR following its recent £600 million investment into the business.

Andy Matthews, Head of Greenfield at Infracapital, said: “I am delighted to announce that we have successfully completed the co-investment process for Zenobē. Zenobē has already made significant strides towards establishing itself as a market leader, and our latest investment into Zenobe through a co-investment process demonstrates our ongoing commitment to support businesses which are at the forefront of shaping a more sustainable future through partnerships with leading investors such as Mubadala and Pantheon.”

Saed Arar, Executive Director of Traditional Infrastructure at Mubadala, said: “We are pleased to be part of this consortium of investors led by Infracapital providing further growth capital to Zenobē.
The partnership underscores the role Mubadala plays in supporting innovative and expanding companies such as Zenobē, which is playing a critical part in the energy transition. We believe that the decarbonisation of the transport sector and battery storage have significant roles to play in our net zero future, and we look forward to supporting Zenobē as it scales its business globally in both these areas.”