Irish electric vehicle charging infrastructure company Ezo has reached financial close on a €150 million senior debt facility to fund a major expansion of its charging network across Ireland and the UK.
The investment-grade, non-recourse financing will support the design, installation, operation and maintenance of more than 3,000 charge points, representing over 100,000kW of capacity.
The company estimates that the new infrastructure will generate more than €1 billion in electric energy sales over the next 20 years.
Headquartered in Ireland, Ezo already operates more than 5,600 charge points across the two markets and supports more than 150,000 registered drivers. It says its network delivered more than 30 million kWh of electricity.
The company expects the UK to become its primary EV charging market by 2027, as it builds on a series of public-sector contracts.
Ezo has secured local authority-backed charging contracts in the UK with a combined estimated value of more than €1 billion. These include a 20-year concession covering four counties in northern Scotland and a 15-year concession across four counties in the English Midlands.
The concessions include features, such as access to charging locations, flexible pricing, regional exclusivity in some areas, assistance with permits and grid access, and, in some cases, public funding to support infrastructure deployment.
Alongside its UK expansion, Ezo is developing its Irish network through partnerships with Musgraves and eir.
The Musgraves partnership will see high-powered charging infrastructure installed at 43 store locations along national routes, while Ezo and eir are developing 50 purpose-built high-speed charging hubs across Ireland.
New financing model
The €150 million debt facility has been provided by a consortium of lenders including Aberdeen Investments and Standard Life.
Ezo said the financing is believed to be the first of its type in which funds are being used to install EV chargers across both the UK and Ireland, with revenues from those chargers ringfenced to repay the debt over a seven-year period.
The company said the structure could provide a new financing model for EV charging infrastructure that is ready for installation.
Ezo is majority owned by Rubicon Capital Management and affiliated entities. Rubicon entered the company in 2020 with a 35% stake, which has since increased to more than 60%.
The expansion is expected to create employment in Ireland, Scotland and other parts of the UK.
Patryk Goron
Ltd
