Major EV investment announced
SEEIT has entered into an agreement with Electric Vehicle Network (EVN) to acquire an initial 112 rapid and ultra-fast EV charging stations across the UK for up to £50m.
SEEIT is the first UK-listed investment company of its kind to invest exclusively in the energy efficiency sector.
The EV charging sites will be developed and funded by EVN to the point at which they are contracted and construction ready, at which stage they will be acquired by SEEIT.
Once operational, the EV charging sites will be contracted through 20-year, fixed price, CPI inflated Energy Service Agreements to charge point operators.
In addition to the initial 112 sites, EVN has plans to develop a further 380 EV charging sites, requiring an additional £150m in the next 36 months, for which SEEIT has a right of first negotiation.
Jonathan Maxwell, CEO of SDCL, said: “There is a growing need for charging infrastructure in the UK as we transition towards more efficient fuel choices that reduce harm to our environment. We identified EV charging infrastructure as a target area in our June 2020 Prospectus and are pleased to have this opportunity to invest.
“EVN’s unique business model offers CPOs charging infrastructure as a service. This fits our model of investing in availability-based services with strong counterparties. Project revenues will be generated from energy services agreements with predictable costs, presenting the opportunity for a stable and predictable investment for SEEIT and one we are delighted to add to our portfolio. This will also provide further diversification in terms of technology, counterparty and application.”
