SEEIT, the first UK-listed investment firm to invest exclusively in the power sector, is pleased to announce that it has reached an agreement with Electric Vehicle Network Limited (“EVN”) to obtain a first fast and ultra 112 charging station for electric cars across the UK for general attention of up to 50 million pounds.
EVN loading sites will be developed and financed through EVN until they are contracted and able to be built, at which point they will be purchased through SEEIT. The commitment of up to 50 million pounds will be imposed in tranches to finance the implementation of the projects, and the first capital raising will be taken later this year, and the total balance of up to 50 million pounds will be rolled out over the next 12 to 18 months.
The era of structure for each task is expected to be approximately 6 to 12 weeks, when tasks are operational and expected to generate revenue based on availability.
Once operational, EV charging sites will be undertreated under 20-year fixed-price power service agreements (“AES”) with charging point operators (“CPO”), which are quality application companies. Electric vehicle charging sites will also contribute to long-term land lease agreements with site owners, who are a giant front yard or car park operators established on the same basis. EVN, through its subsidiaries, will also manage the structure and operation of the assets, through asset control and maintenance contracts in accordance with the era and under the terms of the EAE.
This allocation known as a target investment in the SEEIT Brochure in June 2020 and represents the Company’s first allocation in the electric vehicle charging infrastructure. The allocation is in line with SEEIT’s investment policy by delivering energy at competitive, cleaner and more effective costs directly at the point of use and making the electric vehicle charging apparatus more widely available.
After following EV’s collection infrastructure activity for several years, SDCL believes that this allocation represents the first opportunity to invest in EV collection assets in a framework for availability-type infrastructure allocations, with long-term predetermined service charge revenue. In addition to the initial 112 sites, EVN plans to expand approximately 380 additional charging sites for electric vehicles, which will require approximately 150 million pounds more in the next 36 months, for which SEEIT is entitled to a first negotiation.
SEEIT is extremely happy to be married to EVN, which was founded in 2017 and is committed to creating EV charging infrastructure that seeks to address the demanding situations faced by charging station owners and operators when implementing an EV charging infrastructure network in the UK.
SOURCE: SEE
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