SUSI Partners to finance EV charging infrastructure in the U.S.
- SUSI Partners, through its Energy Efficiency Fund II (SEEF II), signs a framework agreement with OBE Power for the financing of electric vehicle (EV) charging infrastructure in the United States
- The transaction marks SUSI’s first investment in EV charging infrastructure and its first credit investment outside of Europe
Zug/Zurich, 11 January 2023 – Following earlier investments by SUSI Partners in the United States, its credit platform is now also expanding its reach to this market by signing a financing agreement with OBE Power, an owner and operator of EV charging infrastructure. As the firm’s first investment in this sector, and the first credit investment outside of Europe, the transaction highlights SUSI’s holistic approach to energy transition investments as the firm transitions to the deployment of its third credit fund, the SUSI Energy Efficiency & Transition Credit Fund.
SUSI’s credit financing solutions, which are focused on energy-as-a-service business models, match OBE Power’s offering perfectly. OBE Power specialises in destination charging solutions in convenient urban locations based on long-term contractual agreements with municipalities, fleet operators and owners of real estate such as office and apartment buildings, hospitals, recreational facilities, and parking garages. OBE Power plans to leverage SUSI’s financing to expand from a regional footprint across Florida and Texas to a national presence across the United States.
The buildout of EV charging infrastructure is essential to further increase EV adoption rates, as a lack thereof poses significant hurdles for potential EV buyers considering making the switch to less emission-intensive forms of mobility. The United States aims to have 50 percent of all new vehicle sales to be EVs by 2030, with the current administration showing its willingness to make electrification of transport a priority in the next few years. Additionally, the passing of the Inflation Reduction Act last year is expected to accelerate the decarbonisation of the energy supply in the U.S., thus enabling EVs to unfold their full climate mitigation potential as part of a holistic transition of the energy system.
The investment with OBE Power will be among the final transactions funded by SEEF II, as the fund is expected to be fully invested more than a year ahead of its investment period ending. Combined with SUSI’s first energy efficiency fund, the firm has now deployed more than EUR 600 million through its credit platform, a track record that SUSI is poised to build on as it starts shifting its attention to the successor vehicle, the SUSI Energy Efficiency and Transition Credit Fund, which had a first closing at the end of 2022.