July 26, 2023: GRIDSERVE, a British sustainable energy company, reveals a substantial amount of certified green funding, totalling over five hundred million pounds, aimed at expediting the shift towards net zero transportation. This significant investment will fuel a massive expansion of their Electric Vehicle (EV) charging infrastructure across the United Kingdom.
The green infrastructure financing facility encompasses the entirety of the company's Sun-to-Wheel ecosystem and is funded with a total of £526 million, which includes £326 million in dedicated loan facilities and an additional £200 million available as an uncommitted accordion facility for future assets.
GRIDSERVE aims to expedite the improvement and enlargement of its UK network by securing funding for its present and forthcoming electric vehicle charging Super Hubs and Electric Forecourts®, along with associated infrastructure such as operational solar and battery projects. This financing will enable the installation of over 500 new Electric Super Hubs across the country. The expansion project is projected to bring forth more than 3,000 new high-power charge points, boasting exceptional speeds of up to 350kW, capable of delivering 100 miles of charge in just 5 minutes.
The loan facility, amounting to £326 million, comprises a £300 million term loan, a £10 million working capital facility, and a £16 million VAT facility. This financing is part of GRIDSERVE's Green Finance Framework, which has received the "Dark Green" certification from S&P Global's Shades of Green (formerly CICERO). As a result, it has become the UK's first officially recognized green loan for electric vehicle (EV) charging infrastructure.
Toddington Harper, Founder and CEO of GRIDSERVE said in the company’s official press release, “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.”
The group of banks involved in the debt raise consists of CIBC, KfW Ipex, Lloyds Bank, MUFG, Natixis, NatWest, Santander, and UK Infrastructure Bank. Santander also plays the role of the Green Structuring Bank, while Santander Corporate & Investment Banking advises GRIDSERVE. Additional support comes from various advisers and due diligence providers, including Clifford Chance for legal matters, Arup for commercial aspects, PwC for tax and financial considerations, Aon for insurance matters, and Mazars for model auditing. Latham & Watkins provides legal advice to the lenders. Lloyds acts as the Facility Agent and Security Bank, and Natixis serves as the Hedging Coordinator.
With the backing of a diverse consortium of leading banks, this substantial investment will serve as a catalyst for the rapid expansion of the UK-wide electric vehicle charging network, making green and emission-free mobility more accessible and convenient than ever before.