GRIDSERVE, a pioneering electric vehicle (EV) charging network provider, has announced its procurement of over half a billion pounds in certified green financing. This massive influx of funds marks the largest debt raise ever recorded for a privately-owned charging point operator. The financial injection will be used to greatly expand GRIDSERVE’s EV charging network across the United Kingdom, with an estimated addition of over 3,000 new High Power charging points at more than 500 sites.
Why It Matters
This landmark financial milestone underscores the market’s robust confidence in the transition to electric mobility and the commitment of GRIDSERVE to hasten the delivery of net-zero transport on a large scale. In a unique twist, the loan has been officially designated as green, the first of its kind for EV charging infrastructure in the UK. This highlights the wider financial world’s recognition of GRIDSERVE’s initiative to combat climate change and boost sustainable infrastructure.
Key Points
- The green infrastructure financing facility totals £526 million, including £326 million in committed loan facilities, with a further £200 million uncommitted accordion facility for future assets.
- GRIDSERVE’s financing covers its full Sun-to-Wheel ecosystem, including refinancing of existing and future electric vehicle charging Super Hubs and Electric Forecourts®, as well as related infrastructure such as operational solar and battery projects.
- The funds will be used to upgrade and expand the UK network, installing over 500 new Electric Super Hubs nationwide and delivering more than 3,000 new High Power charge points with speeds of up to 350kW.
- This financial achievement makes GRIDSERVE the first to receive a “Dark Green” certification by S&P Global’s Shades of Green (formerly CICERO), signifying an officially designated green loan for EV charging infrastructure in the UK.
Bottom Line
Toddington Harper, Founder and CEO of GRIDSERVE, acknowledged this development as a major validation of GRIDSERVE’s strategy, team, and expansion plans. This green financing arrangement, which was met with high demand among banks, will accelerate the deployment of EV charging infrastructure. It provides customers with further confidence in transitioning to electric vehicles and enhances GRIDSERVE’s mission to mitigate climate change at a critical juncture in global environmental policy. The consortium of banks backing this initiative includes CIBC, KfW Ipex, Lloyds Bank, MUFG, Natixis, NatWest, Santander, and the UK Infrastructure Bank.
