BeEV to invest £20m rolling out 200+ ultra-rapid EV charging bays

Charge point operator BeEV has agreed a £20 million deal with Schroders Capital that will see more than 200 ultra-rapid electric vehicle (EV) charging bays installed in the UK.

The new charging bays will be installed across 22 Schroders Capital-managed retail and leisure parks.

BeEV will fully fund the installation and maintenance of the ultra-rapid Kempower chargers, which deliver up to 300kW.

The charging hubs, the majority featuring six to 12 charging bays, will be leased on a 20-year agreement with index-linked market rents, reflecting the commitment from both Schroders Capital and Be.EV to sustainable infrastructure development.

Asif Ghafoor, CEO of BeEV, said: “This is a landmark deal for Be.EV and we are excited to help the big brands who occupy the retail parks in Schroders portfolio benefit from the increased footfall benefits EV charging brings.

“I would like to congratulate all the team at BeEV for their hard work in securing this important deal.”

Legal agreements have been exchanged on the first three locations, with further exchanges expected imminently.

Matthew Baddeley, lead asset manager at Schroders Capital, said: “Improving the UK electric charging network is essential in supporting the UK’s energy transition goals, whilst it also aligns with our own net zero targets.

“BeEV's offering is highly compelling and we look forward to welcoming them to the Schroders Capital’s retail warehouse portfolio.”

BeEV is majority-owned by Octopus Energy Generation’s £1.5 billion Sky Fund.