Sustainable Development Capital (SDCL), manager of the London EDGE Fund, has agreed a funding facility with EVN Group to support the roll-out of ultra-rapid electric vehicle charging sites across London and the wider area within the M25.
The London EDGE Fund is backed by a £50m commitment from the Greater London Authority (GLA) and invests in projects intended to reduce energy use, greenhouse gas emissions and other pollutants in the capital.
Nine 300kW chargers planned for first site
EVN is expected to use the facility to finance a portfolio of contracted charging sites supported by long-term framework service agreements with charge point operators.
The first site is shovel-ready and has a secured grid connection. It will host nine 300kW chargers. E.ON Drive Infrastructure UK, a subsidiary of the E.ON Group, has been granted the offtake agreement for the site.
Jonathan Maxwell, founder and chief executive of SDCL, said: “This investment illustrates London EDGE’s approach of investing the GLA’s cornerstone backing directly into the infrastructure London needs to decarbonise. Charging capacity for electric vehicles remains scarce relative to demand, and this facility with EVN will help close that gap while delivering long-term, contracted income to our investors.”
Reza Shaybani, co-founder and chief executive of The EV Network, said: “Accelerating London’s transition to electric mobility requires more than just ambition; it requires the right sites, secured power and long-term capital working together. This agreement with London EDGE provides a strong platform to turn a portfolio of strategically located sites into high-quality, operational charging infrastructure. Further reflecting EVN’s commitment to overcoming the practical barriers of deployment and building the EV infrastructure needed to support the capital’s growing number of electric vehicles.”