GRIDSERVE commit to their mission to help deliver net zero transport at speed and scale and demonstrate the markets confidence in both the transition to electric mobility.
The debt raise comprises of £326 million in committed loan facilities, with a further £200 million uncommitted accordion facility for future assets – bringing it to a total of £526 million – the green infrastructure financing facility covers the company’s full Sun-to-Wheel ecosystem.
GRIDSERVE claim the refinancing of its existing and future electric vehicle charging Super Hubs and Electric Forecourts®, as well as related infrastructure including operational solar and battery projects, will allow the company to accelerate the upgrade and expansion of its UK network.
GRIDSEVRE plan to include the installation of more than 500 new Electric Super Hubs nationwide, the growth will deliver more than 3,000 new High Power chargepoints with class-leading speeds of up to 350kW, capable of providing 100 miles of charge in only 5 minutes.
The £326 million facility consists of a £300 million term loan, a £10 million working capital facility and a £16 million VAT facility. The financing will be undertaken under GRIDSERVE’s Green Finance Framework which has been certified “Dark Green” by S&P Global’s Shades of Green (formerly CICERO), making it the first officially designated green loan for EV charging infrastructure in the UK.
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.”
