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.”

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Watson Farley & Williams (“WFW”) has advised SDCL Energy Efficiency Income Trust plc (“SEEIT”) on its acquisition of an initial 112 rapid and ultra-fast EV charging stations across the UK from Electric Vehicle Network Limited (“EVN”) for a total consideration of up to £50m.

The sites, largely located in forecourts and car parks with large site owners, are expected to take between six and twelve weeks to build. In addition to the initial 112 sites, EVN has plans to develop a further circa 380 EV charging sites, requiring an additional circa £150m in the next 36 months, for which SEEIT has a right of first negotiation.

Founded in 2018, SEEIT is the first UK-listed investment company of its kind to invest exclusively in the energy efficiency sector. EVN is a dedicated EV charging infrastructure development company.

The WFW London team that advised SEEIT was led by Energy Partner Emmanuel Ninos, supported by Senior Associate John Rosmini who assisted on property matters, and Associate Tim Williams who handled corporate aspects of the transaction.

Emmanuel commented “This substantial investment in a large portfolio of rapid and ultra-fast EV charging stations demonstrates the demand for attractive investments in the UK EV sector. WFW has now acted on a number of innovative transactions in the EV sector across Europe, including France, Germany and the UK”.

SDCL Energy Efficiency Income Trust (SEEIT) has signed a deal with Electric Vehicle Network to acquire an initial 112 rapid and ultra-fast EV charging stations for £50 million.

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.

The construction period for each project is expected to be around six to 12 weeks.

Once operational, the EV charging sites will be contracted through 20-year, fixed price Energy Service Agreements (ESAs) to charge point operators (CPO)

The EV Charging sites will also enter into long-term land-lease agreements with the site-owners, which are large, established forecourt or car park operators on the same basis.

EVN, through its subsidiaries, will also manage the construction and operation of the assets, through asset management and maintenance contracts in accordance with the period and terms of the ESAs.

In addition to the initial 112 sites, EVN has plans to develop a further 380, requiring an additional £150m in the next 36 months, for which SEEIT has a right of first negotiation.

Jonathan Maxwell, chief executive of SEEIT, 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.”

The EV Network, (EVN), a leading independent developer of high-powered EV charging stations, has secured funding for the construction of its first round of projects. The initial £50 million commitment is the first stage of an up to £200 million programs of project investment and will be provided by clean energy investor Sustainable Development Capital (SDCL). The initial commitment will be drawn down from the SDCL Energy Efficiency Income Trust plc (SEIT.LN), managed by SDCL, into qualifying projects. This will help EVN achieve its target of building out a network of high-powered EV charging hubs across the UK. EVN plans to use the initial commitment to develop around 100 locations, each with multiple ultra-fast charge points.

Lord Barker, Chairman of EVN said: “Securing this substantial project level funding isn’t just great news for EVN and all our stakeholders but a terrific shot in the arm for the whole U.K. electric vehicle sector. Industry leader EVN will now roar out of the Covid lockdown and look to drive the roll out of our state-of-the-art fast charging stations faster than Lewis Hamilton. This is private sector green recovery at its most promising.”

Reza Shaybani, Co-Founder & CEO of EVN said: “I am delighted that we have achieved this important milestone in our company. Our unique business model offers Charge Point Operators (CPOs) a fully funded, turn-key solution to high-powered EV charging. This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future. Public demand for cleaner air, long-term and prudent Government policies alongside the automotive industry’s shift from ICEs to EVs will make the transition towards a cleaner and greener future of mobility possible. I must congratulate our exceptional team for this outstanding achievement, especially in the current economic climate.”

Sam Shaybani, Co-Founder & Director of EVN added: “There is absolutely a revolution taking place within the automotive and wider mobility sector as we try to move away from using petrol and diesel and push towards using electrons as our source of fuel. It is so important that we now begin to accelerate this transition as we all know the massive climate challenge facing us, and I completely believe that this investment will boost the shift to e-mobility. Since 2017, a lot of hard work has gone into getting the company to this moment, we have big aspirations and cannot wait to begin this new era of the company’s growth.”

Jonathan Maxwell, CEO of Sustainable Development Company (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, that are cost-effective and reliable. EVN’s unique business model offers Charge Point Operators (CPOs) charging infrastructure as a service, making high-powered EV charging hubs available for use at high-quality locations nationwide. This fits our model of investing in availability-based services with strong counterparties.”

SEEIT has a new approach to charging infrastructure.

New announcements about the upcoming charging infrastructure projects comes almost daily, but today we saw something different.

A UK-listed investment company SEEIT (SDCL Energy Efficiency Income Trust plc) has emerged with a press release about its approach to the topic.

SEEIT has entered into an agreement with Electric Vehicle Network Limited (“EVN”) company to acquire an initial 112 fast-charging sites across the UK for a total consideration of up to £50 million (€55 million/$66 million). “rapid and ultra-fast” suggest various power levels as “rapid” was usually associated with 50 kW, while ultra-fast with 150+ kW. There are no details about the stations, but the average amount is £446,000 (€493,000/$586,000) per site.

The sites will be developed and completed by EVN within 12-18 months and then purchased by the SEEIT as a turnkey product. As we understand, having the chargers up and ready, SEEIT intends to offer them to Charge Point Operators, through 20-year, fixed price, CPI inflated contracts. Then comes the profits, at least that’s the plan.

It sounds like a completely different way of thinking about the charging network – with chargers like a no-name commodity – but will it succeed? Or maybe it would be better to invest in an existing charging network?

“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. The commitment of up to £50 million will be drawn down in tranches to fund the implementation of projects, with the first draw down of capital expected to take place later this year with the full balance of up to £50 million expected to be deployed over the next 12-18 months.

The construction period for each project is expected to be around 6 -12 weeks, at which point projects become operational and are expected to generate availability-based revenues.

Once operational, the EV charging sites will be contracted through 20-year, fixed price, CPI inflated Energy Service Agreements (‘’ESAs’’) to Charge Point Operators (‘’CPOs’’), which are typically investment grade utility companies. The EV Charging sites will also enter into long-term land-lease agreements with the site-owners, which are large, established forecourt or car park operators on the same basis. EVN, through its subsidiaries, will also manage the construction and operation of the assets, via asset management and maintenance contracts in accordance with the period and terms of the ESAs.”

EVN is reportedly already thinking about the next stage of about 360 charging sites, which can be built for about £150 million (that’s £395,000 per site, so cheaper – assuming similar specs) in the next 36 months.

UK-listed fund SDCL Energy Efficiency Income Trust – SEEIT – is to acquire 112 “rapid and  ultra-fast” EV charging stations across the UK for £50 million

Full article here: https://ijglobal.com/articles/149272/seeit-invests-in-ev-charge-points

Deal to enable rollout of 100 EV charging hubs hailed as an example of ‘private sector green recovery at its most promising’

The EV Network (EVN) revealed today it had clinched £50m of investment from Sustainable Development Capital to fund the roll out 100 high-powered electric vehicle (EV) charging hubs across the UK.

The £50m commitment is the initial stage of an investment programme that could see the clean energy investor pump up to £200m into the charging network developer.

The firms said the investment would help EVN build the charging infrastructure crucial to accelerating uptake of EVs in the UK.

Lord Barker, former energy and climate change minister and chair of EVN, said the deal was a “terrific shot in the arm for the whole UK electric vehicle sector”.

“EVN will now roar out of the Covid lockdown and look to drive the roll out of our state-of-the-art fast charging stations faster than Lewis Hamilton,” he said. “This is private sector green recovery at its most promising.”

The funding will be provided to qualifying projects from the SDCL Energy Efficiency Income Trust.

Chief executive of SDCL Jonathan Maxwell welcomed the deal and commended EVN’s “unique business model”.

“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, that are cost effective and reliable,” he said. “EVN’s unique business model offers Charge Point Operators charging infrastructure as a service, making high-powered EV charging hubs available for use at high quality locations nationwide.”

Meanwhile, Reza Shaybani, cofounder and chief executive of EVN, dubbed the deal an “outstanding achievement” for EVN, especially in light of the current economic climate.

“This investment will enable us to contribute massively to the required infrastructure for the green mobility of the future,” he said. “Public demand for cleaner air, long-term and prudent government policies alongside the automotive industry’s shift from internal combustion engines to EVs will make the transition towards a cleaner and greener future of mobility possible.”

The EV Network is one of a host of developers pursuing plans to rapidly expand the UK’s network of EV charging points, as demand for new plug-in vehicles continues to build. A raft of companies – several of which are backed by major investors and corporate blue chips – are developing a range of new charging technologies and services, including smart charging and energy storage capabilities that promise to deliver multiple revenue streams for operators.

The news comes on the same day as Nissan and E.ON unveiled one of the largest trials of vehicle-to-grid charging technologies to date, showcasing how EV batteries could help to provide balancing services to the grid.

Acquisition of electric vehicle charging sites

Mkt Cap £475m | Prem/(disc) 13.2% | Div yield 4.9%

Event

SDCL Energy Efficiency Income Trust 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 a total consideration of up to £50m.

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 SEIT. The commitment of up to £50m will be drawn down in tranches, with the first draw down expected to take place later this year and the full balance deployed over the next 12-18 months.

The construction period for each project is expected to be around 6 -12 weeks, at which point projects become operational and are expected to generate availability-based revenues. Once operational, the EV charging sites will be contracted through 20-year, fixed price, CPI inflated Energy Service Agreements to Charge Point Operators, which are typically investment grade utility companies. The EV Charging sites will also enter into long-term land-lease agreements with the site-owners. EVN will also manage the construction and operation of the assets.

In addition to the initial 112 sites, EVN has plans to develop a further c.380 EV charging sites, requiring an additional c.£150m in the next 36 months, for which SEEIT has a right of first negotiation.