SSE Energy Solutions has kicked off plans for a major electric vehicle (EV) charging network across the UK by announcing a significant new partnership with global commercial real estate investor, asset manager and business builder, Oxford Properties (Oxford) and its pan-European portfolio company M7 Real Estate (M7).
SSE plans to build 300 EV charging bays powered by traceable, renewable energy by 2027, with their first hub set to launch in September at Castlebank, Glasgow. This will help meet increasing demand for a UK EV infrastructure upgrade following the UK Government’s commitment to ending the production of petrol, diesel and hybrid engines.
A recent report from the Climate Change Committee shows the rise of electric cars is outpacing Government growth projections, and that infrastructure deployment needs to accelerate to meet the target of 300,000 public charge points by 2030.
As part of SSE’s overall EV network strategy this new deal aims to deliver new EV sites with up to 12 bays each at 20 of Oxford’s retail warehousing parks across the UK within 24 months, with the ability to recharge an estimated 2 million vehicles annually. The parks are asset managed and operated by M7 on behalf of Oxford.
Most bays will have ultra-rapid charging capabilities of up to 150 kW. These allow drivers to resume their journey within 20 to 40 minutes of plugging in - a significant time saving compared to the widely used 50kW charger, which takes around two hours to charge a 90kWh car battery.
Oxford is ranked by Fast Company as one of the world’s most innovative companies for its approach to carbon reduction. It has reduced its carbon emissions by 37% from its 2015 benchmark, surpassing its own target of 30% by 2025.
SSE Energy Solutions is in talks with M7 to further expand the project, with the ambition to open a potential 70 sites around the country in total by 2025.
SSE Energy Solutions provides local energy infrastructure solutions to decarbonise organisations, along with clean, renewable energy for customer’s businesses. With a whole-system approach, SSE is a leader in developing low-carbon assets and infrastructure that the UK requires in order to reach its target of net zero emissions by 2050.
SSE builds flexible networks to deliver the sustainable energy that people need to heat their homes and businesses, drive their cars, and power their lives, by decarbonising transport, heat, and energy systems.
For more information about SSE’s decarbonisation projects:https://www.sseenergysolutions.co.uk/news-and-insights
In the UK and Ireland, SSE champions clean energy. It has increased clean energy investments by 65% to a total of £12.5bn by 2026 and is spending £7m a day to unleash the low-carbon infrastructure that the UK needs for its net zero transition.
By 2026, SSE’s Net Zero Acceleration Programme will deliver:
SSE has committed to generating 1,000 jobs a year to 2025. It is a Real Living Wage and Fair Tax Mark accredited company and currently employs 10,000 people across the UK and Ireland.
Oxford Properties Group (“Oxford”) is a leading global real estate investor, asset manager and business builder. It builds, buys, and grows defined real estate operating business with world-class management teams. Established in 1960, Oxford and its portfolio companies manage approximately C$80 billion of assets across four continents on behalf of their investment partners. Oxford’s owned portfolio encompasses office, logistics, retail, multifamily residential, life sciences, hotels and credit in global gateway cities and high-growth hubs. A thematic investor with a committed source of capital, Oxford invests in properties, portfolios, development sites, debt, securities and real estate businesses across the risk-reward spectrum. Together with its portfolio companies, Oxford is one of the world’s most active developers with over 100 projects currently underway globally across all major asset classes. Oxford is owned by OMERS, the Canadian defined benefit pension plan for Ontario's municipal employees.
M7 Real Estate Ltd is a pan-European investor and asset manager specialised in multi-tenanted real estate. M7’s team consists of over 225 staff operating across a platform spanning 14 countries and territories comprising the UK, Croatia, Czech Republic, Denmark, France, Germany, Hungary, Hong Kong, Ireland, Luxembourg, the Netherlands, Poland, Portugal and Spain.
Established in 2009 M7 manages a portfolio of c. 580 assets comprising 47.3 million sq ft of GLA with a capital value of circa €5.8 billion.
M7 acts as an investment and asset manager to a series of funds that it has established and in which it co-invests alongside a large number of family office, high net worth and institutional investors. It is also appointed Investment Advisor to Alternative Income REIT, a UK listed property company and is the asset manager and AIFM for Mailbox REIT and M7 Regional E-Warehouse REIT which are both listed on IPSX. In addition, M7 also has a number of separate account mandates where it acts as a third party asset manager for the portfolios of institutional, family office and high net worth investors including M&G Investments. M7 also enters into joint ventures and currently has them with private equity firms including Blackstone.