SDCL Energy Efficiency Income (SEIT) announced that it has signed an agreement with Chargemaster (bp pulse), the UK’s largest operator of public electric vehicle (EV) charging points. As first announced on 6 August 2020, SEIT made an initial £50m investment commitment to The Electric Vehicle Network (EVN) as its development partner in EV charging infrastructure.
‘Electric vehicle sales in the UK are at an inflection point
SEIT says the agreement with bp pulse represents a significant step forward in the roll-out of national EV charging infrastructure, expected to result in the development and construction by EVN of a significant number of rapid and ‘ultra-fast’ EV charging locations, contracted through a 20-year, fixed price, CPI inflated Energy Service Agreement (ESA). Development and construction of the charging stations is expected to start immediately, with the first sites targeted to be operational by mid to end of 2021, at which point they are expected to start generating availability-based revenues for SEIT. EVN will also manage the operation and maintenance of all sites.
This national EV station roll out for bp pulse will include state of the art ‘hubs’ of between six to twelve chargers, as well as the next generation of ‘e-forecourts’ with up to 24 ultra-fast charge points (300KW) with on-site solar PV and battery storage systems. The e-forecourts will have both retail and convenience facilities for the drivers while they are waiting for their cars to be charged.
EVN plans to develop a further c.400 EV charging sites, and SEIT has the right of first refusal to provide an additional c.£150m in the next 24-36 months.
Commenting on the investment, Jonathan Maxwell, CEO of Sustainable Development Capital, SEIT’s manager, said: “Electric vehicle sales in the UK are at an inflection point, making the immediate scaling up of high quality, rapid and widely available EV charging infrastructure of critical importance. This investment, in partnership with the Electric Vehicle Network, is a significant commitment to EV charging infrastructure in the UK and we look forward to supporting and enabling the market for sustainable and low carbon transport, helping to reduce pollution and greenhouse gas emissions.”
SEIT: SDCL Energy Efficiency Income seals deal with the UK’s largest operator of public electric vehicle charging points