TIDMSEIT
RNS Number : 7217T
SDCL Energy Efficiency Income Tst
29 March 2021
29 March 2021
SDCL Energy Efficiency Income Trust plc
("SEEIT" or the "Company")
EV Update - Agreement with bp pulse
SEEIT is pleased to announce that it has signed an agreement
with Chargemaster Limited ("bp pulse"), the UK's largest operator
of public electric vehicle ("EV") charging points. As first
announced on 6 August 2020, SEEIT made an initial GBP50 million
investment commitment to The Electric Vehicle Network ("EVN") as
its development partner in EV charging infrastructure.
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 SEEIT. 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
SEEIT has the right of first refusal to provide an additional
c.GBP150 million in the next 24-36 months.
Commenting on the investment, Jonathan Maxwell, CEO of
Sustainable Development Capital LLP, 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."
Reza Shaybani, Founding EVN Chief Executive, said: " This
ground-breaking agreement with bp pulse has got 2021 off to a
racing start. 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."
EVN Chairman, Lord Barker of Battle said: "bp pulse is a perfect
partner for the EVN group. Together we will be fuelling growth in a
vital part of UK's Green economy and making a reliable national
network of EV charging stations a reality for the fast-growing
number of electric vehicle drivers."
Matteo de Renzi, CEO of bp pulse, said : "We are building a
charging network that will give consumers the confidence to make
the switch to EVs, knowing they can get the charge they need in the
right places. We're taking another step forward in our commitment
to make ultra- fast charging widely accessible across the UK,
including in easy reach of the motorway network. These new hubs
will complement bp pulse's existing plans to expand the number of
ultra-fast chargers on bp's forecourts and it's exciting to be
launching this new additional option for drivers."
For Further Information
Sustainable Development Capital T: +44 (0) 20 7287 7700
LLP
Jonathan Maxwell
Eugene Kinghorn
Purvi Sapre
Keith Driver
Jefferies International Limited T: +44 (0) 20 7029 8000
Tom Yeadon
Gaudi Le Roux
Neil Winward
TB Cardew T: +44 (0) 20 7930 0777
Ed Orlebar M: +44 (0) 7738 724 630
Joe McGregor E: SEEIT@tbcardew.com
About SEEIT
SDCL Energy Efficiency Income Trust plc is the first UK listed
company of its kind to invest exclusively in the energy efficiency
sector. Its projects are primarily located in the UK, Europe and
North America and include, inter alia, a portfolio of cogeneration
assets in Spain, a portfolio of recycled energy and cogeneration
projects in the United States, a regulated gas distribution network
in Sweden and, most recently, a portfolio of commercial and
industrial solar and storage projects in the United States.
The Company aims to deliver shareholders value through its
investment in a diversified portfolio of energy efficiency projects
which are driven by the opportunity to deliver lower cost, cleaner
and more reliable energy solutions to end users of energy.
The Company is targeting an attractive total return for
shareholders of 7-8 per cent. per annum (net of fees and expenses
and by reference to the initial issue price of GBP1.00 per Ordinary
Share), with a stable dividend income, capital preservation and the
opportunity for capital growth. The Company is targeting a dividend
of 5.5p per share in respect of the financial year to 31 March
2021. SEEIT's last published NAV was 102.0p per share as at 30
September 2020.
Past performance cannot be relied on as a guide to future
performance.
Further information can be found on the Company's website at
www.seeitplc.com .
Investment Manager
SEEIT's investment manager is Sustainable Development Capital
LLP ("SDCL"), an investment firm established in 2007, with a proven
track record of investment in energy efficiency and decentralised
generation projects in the UK, Continental Europe, North America
and Asia.
SDCL is headquartered in London and also operates worldwide from
offices in New York, Dublin, Madrid, Hong Kong and Singapore. SDCL
is authorised and regulated in the UK by the Financial Conduct
Authority.
Further information can be found at www.sdclgroup.com .
About The EV Network
Founded in 2017, EVN is a leading independent EV charging
infrastructure development company. EVN's mission is to address the
challenges faced by both landlords and charge point operators
("CPOs") in rolling out a network of rapid and ultra-fast EV
chargers and charging infrastructure in the UK.
Over the past three years EVN has carefully selected and secured
the very best sites in the UK, seizing first-mover advantage in
what has become an increasingly competitive UK market. Through
strong relationships with high quality landlords and charge point
operators, EVN has become a distinguished player in the EV charging
market able to provide its partners with fully funded bespoke
technology and service solutions.
Further information can be found at www.theevnetwork.com
About bp pulse
bp pulse is the new name for bp Chargemaster and the Polar
network.
bp pulse is one of the UK's leading providers of electric
vehicle charging infrastructure and operates the largest electric
vehicle charging network in the UK. Founded in 2008, the company
provides a comprehensive, flexible and practical range of electric
vehicle charging solutions. bp pulse has supplied over 60,000
public, workplace and home charging units, and is now rolling out
150kW ultra-rapid chargers on bp retail sites.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRDVLFLFXLXBBQ
(END) Dow Jones Newswires
March 29, 2021 02:00 ET (06:00 GMT)
Sdcl Energy Efficiency I... (LSE:SEIT)
Historical Stock Chart
From Apr 2024 to May 2024
Sdcl Energy Efficiency I... (LSE:SEIT)
Historical Stock Chart
From May 2023 to May 2024