Powering What
Moves Next.
The infrastructure capital partner for EV charging. We own the assets so operators can run the network.
See How We InvestReal estate investors who speak Energy.
Penrose Power is run by real estate people. We underwrite a charging site the way we underwrite any asset: location, traffic, entitlement, basis, counterparty credit, and what the site is worth if the first business plan changes.
What we add is fluency in the two layers that decide whether a charging site works at all. The first is energy: the interconnection, the capacity, and the timeline that determine whether megawatts ever reach the parcel. The second is technology: the hardware, throughput, and operating economics that turn those megawatts into revenue. Most capital in this sector understands one layer and outsources the rest. We underwrite all three together. That fluency was learned through extensive research and experience, including on the operating and development side of the largest charging network in North America.
Real estate
Fee ownership, ground leases, entitlement and zoning, assemblage, and residual value when the use changes.
Energy
Early utility coordination, service capacity and interconnection sequencing, transformers, switchgear, and the cost of getting power to the dirt.
Technology
Charging hardware and its useful life, utilization and uptime, operator unit economics, and what a site can support as vehicles and charge rates change.
Three ways we put capital into the charging stack.
Charging infrastructure is three assets on one parcel: the land, the power that serves it, and the equipment that sits on top. We invest in any one of them, or all three, depending on what the site and the operator need.
Charging facility sale leasebacks
We buy finished sites from the people who built them. Penrose acquires operating charging facilities, the land or leasehold, the power infrastructure, and the equipment on it, and leases the whole facility back to the operator on a long-term net basis.
The operator keeps running the site and recovers the capital sunk into owning it, redeploying that capital into the next locations instead of leaving it parked in real estate and steel. We take a contracted income stream on an asset we can underwrite at every layer, and we are equipped to own it outright if the operator's plans change.
Land and ground lease
We take the dirt. Penrose originates long-term ground leases with landowners, acquires fee positions beneath existing and prospective charging sites, and assembles small-format parcels along corridors where charging demand is already proven.
Landowners get a credit-backed income stream on land that was underused. Operators get a durable, purpose-suited site without locking up their balance sheet in real estate. We hold a long-dated position underwritten to the land, not to the charging business.
Power development
We deliver megawatts, not chargers. Penrose develops the electrical infrastructure ahead of tenant demand: utility service, transformers, switchgear, panels, and conduit, stopping deliberately short of charger installation.
Power capacity, not land, is the binding constraint in most metros, and the work that unlocks it happens years before a tenant signs. Early coordination with the utility is where our time goes. The result is a power-ready site that can serve a fleet depot, an autonomous vehicle operator, or another high-load user, with far less capital at risk than a fully built charging asset and far more optionality on who ultimately takes it.
Bring us the site, the lease, or the rollout.
If you own land near charging demand, hold a site everyone else has passed on for power, or have capital sitting in charging facilities you would rather redeploy into your operating business, we would love to talk.
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