Energy efficiency investor to install rapid charging points for BP, take availability revenues

SDCL Energy Efficiency Income Trust (SEEIT) has signed an agreement with BP’s Chargemaster EV charging point operator to install “a significant number” of rapid and ‘ultra-fast’ EV charging locations, to be built by The Electric Vehicle Network (EVN) and  contracted through a 20-year, fixed price, CPI inflated Energy Service Agreement.

The first sites are targeted to be operational by mid to end of 2021, at which point they are expected to start generating availability-based revenues for SEEIT.

The roll out will comprise ‘hubs’ of 6-12 chargers, and ‘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.

EVN plans to develop a further 400 EV charging sites, and SEEIT has the right of first refusal to  provide an additional c.£150 million in the next 24-36 months. In August SEEIT made an initial £50 million investment commitment to EVN as its development partner in EV charging infrastructure

Reza Shaybani, founding EVN chief executive, said: “As the largest charge Point Operator in the market, BP pulse is a perfect partner for EVN to deliver the critically required national EV charging infrastructure. With our strong pipeline of hundreds more premium sites, this is one of several major contracts between EVN and charge point operators, with additional contracts to follow in the next few months.”

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