Burges Salmon advises Gravis on financing of solar-powered EV Charging infrastructure
Burges Salmon has advised Gravis’ infrastructure investment fund on its investment into SolarCatcher, a pioneering UK-based developer of solar-powered electric vehicle charging infrastructure
The SolarCatcher solution features a solar-powered canopy which is co-located with electric vehicle charging stations. When the installation is not being used to charge vehicles, the electricity generated by the solar canopy can then be used in adjacent buildings instead of importing power from the grid. The transaction, under which Gravis will fund the majority of the construction costs of the installations, will enable SolarCatcher to finance the roll-out of the first wave of projects, which will be located on local school and academy sites around the UK.
Burges Salmon’s multi-disciplinary team advised across all aspects of this project including drafting and negotiating the financing documentation, the contracts for the supply and purchase of power generated by the canopies, as well as the contracts relating to the roll-out of the installations governing the construction, operation and maintenance.
The Burges Salmon team advising on the deal was led by Victoria Allsopp and Luke Addison, supported by a range of energy and infrastructure sector specialists from the firm’s Banking and Finance, Corporate, Real Estate, Projects and Construction teams including Thomas Papke, Emily Scaife, Emma Andrews, Elizabeth Marke, John Houlden, Jonathan Eves, Gregory Nash, Rosamond Harris, Laura Sharples, and Theo Wapshare.
Tim Roberts of Gravis comments: “We are delighted to be supporting SolarCatcher with their rollout of solar and EV charging infrastructure. SolarCatcher’s innovative solution will not only help schools and academies across the UK unlock renewable energy potential on their sites, realising material savings on their energy bills, but will also support them with their wider decarbonisation efforts and enable them to provide access to on-site EV charging points for their staff and visitors. The long-term contracted and public-sector backed revenues which SolarCatcher will benefit from are also well aligned with the fund’s investment mandate, providing an attractive funding opportunity.”
Victoria Allsopp adds: “With limited access to charging infrastructure continuing to present one of the largest obstacles to the widespread adoption of electric vehicles in the UK, we’re delighted to have supported Gravis on this strategic financing to SolarCatcher to facilitate the roll-out of solar-powered EV charging infrastructure.”