Gridserve has announced the largest debt raise to-date globally for a privately-owned charge point operator, which is says demonstrates the market’s confidence in both the transition to electric mobility and Gridserve’s mission to help deliver net zero transport at speed and scale.
Comprising £326m in committed loan facilities, with a further £200m uncommitted accordion facility for future assets – a total of £526m – the green infrastructure financing facility covers the company’s full sun-to-wheel eco system.
The refinancing of its existing and future EV charging Super Hubs and Electric Forecourts, as well as related infrastructure including operational solar and battery projects, will allow Gridserve to accelerate the upgrade and expansion of its UK network. Projected to include the installation of more than 500 new Electric Super Hubs nationwide, the growth will deliver more than 3,000 new High Power charge points with speeds of up to 350kW, capable of providing 100 miles of charge in only five minutes.
The £326m facility consists of a £300m term loan, a £10m working capital facility and a £16m 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 EV 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 bank club behind the debt raise consists of: CIBC, KfW Ipex, Lloyds Bank, MUFG, Natixis, NatWest, Santander and UK Infrastructure Bank, with Santander also acting as the Green Structuring Bank and Gridserve being advised by Santander Corporate & Investment Banking. Other advisers and due diligence providers included Clifford Chance (legal), Arup (commercial), PwC (tax and financial), Aon (insurance) and Mazars (model audit), while lenders were advised by Latham & Watkins (legal). Lloyds is the Facility Agent and Security Bank, with Natixis as Hedging Coordinator.
