SDCL Energy Efficiency Income Trust is investing up to £50m (€42m) to buy an initial 112 electric vehicle charging stations across the UK.

The UK-listed investment firm said the charging sites will be developed and funded by Electric Vehicle Network (EVN) to the point at which they are contracted and construction-ready, at which stage they will be acquired by SDCL Energy.

The company said EVN also plans to develop a further 380 charging sites, requiring an additional £150m in the next 36 months, for which SDCL Energy has a right of first negotiation.

Jonathan Maxwell, CEO of SDCL Energy, said: “This fits our model of investing in availability-based services with strong counterparties. “Project revenues will be generated from energy services agreements with predictable costs, presenting the opportunity for a stable and predictable investment for SDCL Energy and one we are delighted to add to our portfolio.

”This will also provide further diversification in terms of technology, counterparty and application.”

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