Gridserve secures over £500m financing to accelerate EV charging rollout
Image: Credit: Gridserve
Gridserve revealed they acquired a large £526m funding to speed up the installation of EV charging stations around the UK.
Yesterday, the company announced that it had obtained £326m in loan facilities and an additional £200m that can be accessed through an accordion facility for future investments.
Gridserve said the funds would be allotted to refinance its current and upcoming electric vehicle charging 'Super Hubs' and electric forecourts and for other related infrastructure like operational solar and battery projects.
Gridserve seeks to use the funds to propel its 'Sun-to-Wheel' initiative, where it plans to generate energy through combined solar farms, administer a nationwide charging network of Electric Forecourts and Electric Hubs, and hasten the adoption of EVs through leasing of multiple zero-emission models.
The pioneering company in the clean energy industry intends to install over 500 Electric Super Hubs in the US, each boasting more than 3,000 charging points for EVs with potential for 350kW charging speeds, which could yield a 100-mile range after just five minutes.
Gridserve announced a financial package worth £326m that includes a £300m term loan, a £10m working capital facility and a £16m VAT component.
The company intends to fund the loan through their Green Finance Framework, which they claim to be the first green loan ever designated in the United Kingdom for electric vehicle charging infrastructure.
Toddington Harper, the CEO of Gridserve, declared that the financial facility was the most sizeable debt raise for any privately owned charge point operator worldwide, and he proclaimed it to be a "remarkable endorsement" of their efforts.
The transaction was highly sought after by banks, garnering a massive response from the market. This will quicken our delivery and assure our customers that they are making the right choice to go electric. Gridserve's goal of contributing to the fight against climate change is now more achievable than ever, as the world desperately needs action.
CIBC, KfW Ipex, Lloyds Bank, MUFG, Natixis, NatWest, Santander and UK Infrastructure Bank were the banks that provided funding for the debt increase, with Santander appointed as the Green Structuring Bank, Gridserve reported.