Ultrafast EV chargers Gridserve have secured bankers’ backing worth over half a billion pounds to accelerate the upgrade & expansion of its UK network.
The charge point operator said that the refinancing will help it install more than 500 new charging hubs, covering 3,000-plus new high-power charge points with speeds of up to 350kW.
The funding comprises of £326 million in committed loan facilities, with a further £200m uncommitted accordion facility for future assets – a total of £526m.
The facility consists of a £300m term loan, a £10m working capital facility and a £16m VAT facility.
The package will be undertaken under Gridserve’s Green Finance Framework.
Toddington Harper, founder and CEO of Gridserve, said: “To secure the largest debt raise globally for a privately-owned charge point operator is a remarkable endorsement of Gridserve’s electric vehicle charging network, our ‘sun-to-wheel’ strategy, our fantastic team and our future expansion plans.
“This financing – which was a hugely popular transaction amongst banks, attracting overwhelming market demand – will accelerate our delivery, providing customers further confidence to go electric, and fully charge Gridserve’s mission to move the needle on climate change, precisely at the time when urgent action is so critically required”.
Banks providing the debt are: CIBC, KfW Ipex, Lloyds Bank, MUFG, Natixis, NatWest, Santander and UK Infrastructure Bank. Santander also acts as the Green Structuring Bank. Its corporate and investment division advised Gridserve.