Aberdeen Investments said it has provided €80 million, anchored by Standard Life, as part of an overall facility of up to €150 million, in debt financing to EZO, the privately owned electric vehicle (EV) charging operator in Ireland.
The investment will support the expansion of public charging infrastructure across both Ireland and the UK.
The transaction marks Aberdeen and Standard Life’s first infrastructure debt investment in the EV charging sector, further expanding its investment activity across transport and energy transition infrastructure.
“The financing will help EZO fund new concession opportunities and support the rollout of over 3,000 charging points, representing in excess of 100,000kW of charging capacity, over the next three years,” said Aberdeen Investments.
“The majority of the new infrastructure is expected to be installed across the UK, with additional deployment in Ireland.”
Matt Hamilton-Glover, Investment Director – Private Credit, at Aberdeen Investments said: “The electrification of transport is one of the most significant infrastructure investment themes of the coming decades, requiring substantial investment in the networks that will support growing EV adoption.
“We are pleased to provide this financing to EZO as it continues to expand its public charging infrastructure footprint across the UK and Ireland.
“This transaction is particularly notable as it represents the first EV charging investment by our infrastructure debt team. It demonstrates how private capital can support essential infrastructure while helping accelerate the transition to a lower-carbon economy and improving access to charging infrastructure for both urban and rural communities.”
Manuel Dusina, Head of Real Assets at Standard Life said: “The transition to electric transport will require significant investment in charging infrastructure across regions over the coming years.
“The challenge is ensuring that capital can be deployed efficiently through financing structures that appropriately balance risk and return for investors while supporting the rapid rollout of new infrastructure.”
“As public charging networks continue to expand, private capital can play an important role in funding the assets needed to support growing EV adoption.
“Well-structured financing can help unlock investment at scale, supporting the energy transition while generating the stable, long-term cash flows that can help meet the needs of retirement savers and other long-term investors.”
Rubicon CEO Conor Kelly said: ”As the majority shareholder in EZO, we welcome Aberdeen as a funding partner for the company and greatly appreciate the efforts of the Aberdeen team to execute on such a complex transaction.
“The participation of such a highly respected lender represents a significant vote of confidence in EZO, its team and the long-term infrastructure partnerships EZO has secured.
“We understand this to be the first example of the application of this framework of financing in the EV charging sector and expect it to become the preferred method of financing for this type of collateral going forward.
“Together with the EZO management team, we look forward to working with Aberdeen in supporting EZO’s growth in the sustainable transport infrastructure market.”