Powering up residential buildings: WAAT's expansion of EV home charging infrastructure in France
Particularly well established in the collective residential and tertiary markets, WAAT is playing a full part in the transition to clean mobility and promoting the rise of more sustainable and responsible lifestyles. Societe Generale is supporting this leader in recharging solutions in France, which will have installed more than 10,000 infrastructures by the end of 2024.
Developing home charging, one of the objectives raised by the French mobility law
Making everyday transport easier, cheaper and more environmental-friendly: that's the triple objective of the French "Loi d'Orientation des Mobilités" (LOM - Law on the Orientation of Mobility) from 2019. It recognises the crucial place of transport in people's daily lives, but also the gap between French transport policy and the reality, needs and expectations of citizens.
One of the key pillars of this law is making the transition to clean mobility. By aiming to end the sale of new cars and light commercial vehicles powered by fossil fuels by 2040, it implies the development of electric vehicles and sufficient recharging solutions in France. It also encourages the installation of charging points in residential buildings.
Active since 2018, WAAT is one of the leading players and first movers in the home charging segment in France. It offers its expertise and tailor-made turnkey solutions to its clients, whether they are condominiums, tertiary operators, car fleets, real estate promoters or lessors.
Aiming for 250,000 charging points installed in the next 5 years
In addition to the technical aspects of installation and maintenance, the implementation of charging stations in residential buildings requires an understanding of a dense regulatory framework of rights and duties, on both the co-ownership and user side. It's also important to be able to identify the financial support available and the conditions that need to be met to be eligible. WAAT supports its clients every step of the way.
WAAT's ambition is to sign contracts with around 30,000 apartment blocks and install almost 250,000 charging points over the next five years. In this way, the company will help to develop the infrastructure and charging points for electric vehicles in apartment blocks nationwide, and ultimately help to reduce the carbon footprint and promote community well-being.
Tailor-made financing for accelerated growth
To support its ambitions, WAAT has benefited from a comprehensive, tailor-made solution provided by Socite Generale through a €63m financing package, including an uncommitted €25m accordion facility.
This financing will enable WAAT to accelerate its roll-out more flexibly and efficiently and increase its presence in the home charging sector. The Societe Generale group acted as Mandated Lead Arranger, Original Lender, Original Hedging Bank, Facility Agent, Security Agent, Intercreditor Agent and Account Bank. This transaction demonstrates the Bank's ability to identify the needs of its clients and offer a complete range of solutions, mobilising all its expertise and synergies. It also embodies Societe Generale's status as a leader in the growing electric vehicle charging asset class, which is essential for the energy transition and sustainable mobility.
This support represents a major additional lever for accelerating the deployment of charging equipment in collective housing and making it accessible to as many people as possible. This partnership between Societe Generale and an operator with expertise in slow charging is unique and demonstrates WAAT's robust and reliable business model, while legitimising its place in the IRVE ecosystem. We are proud to have a long-established French bank with shared values at our side.