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.”