Investment Manager AMP Capital and Enel X, the advanced energy services arm of energy company Enel Group, announced a joint venture focused on the development of electric public transportation infrastructure in the Americas. Through the JV, the companies will invest in the development and leasing of vehicles for electric ground mass public transportation and the associated infrastructure for vehicle storage, charging, repair and operation.
Simon Ellis, Head of Americas at AMP Capital, said:
“This investment provides AMP Capital with a strong entry point into the nascent and highly attractive e-mobility sector and represents our first significant investment in Latin America, a key target geography. This is a milestone for the global expansion of our infrastructure equity business and our growing presence in the Americas. The e-mobility partnership with Enel X, a true market leader in the clean-energy transition, represents a compelling socially and environmentally responsible investment. Vehicle electrification is critical to reducing air pollution caused by emissions and to meeting decarbonization goals.”
AMP Capital will hold an 80% interest in the venture, with Enel X holding the remaining 20%, and providing development and administrative services to the JV. The joint venture currently owns a fleet of 433 operating electric buses and associated charging infrastructure in Santiago de Chile, which were developed by Enel X over the past two years as part of the Transantiago 1, 2, and 3 projects.
Enel stated that the partnership aligns with the company’s commitment to boosting the development of electric mobility, which is a key element in the energy transition of smart cities. Through Enel X, the Group already participates in seven electric public transportation projects in four countries on two continents for a total of 991 e-buses – both supplied or served – running in Santiago, Bogotà, Montevideo and Barcelona.
Francesco Venturini, CEO of Enel X, said:
“Urbanization is one of the global trends that are changing the energy sector as megacities are increasingly requiring solutions for a clean, sustainable future, with electric mobility, both public and private, playing an essential role in this scenario. The partnership with AMP Capital reinforces our commitment to develop a sustainable, public mass transportation system, leveraging on our expertise in e-mobility and our strong presence in most of the mega cities in the Americas.”