Gridserve gains large debt facility to expand charging
Gridserve is borrowing more than half a billion pounds from various banks to accelerate the modernisation and expansion of its UK electric vehicle charging network. This largest debt raise for a privately-owned chargepoint operator (CPO) to date.
Gridserve plans to use the fresh capital to build more than 500 new charging sites. These are to offer a total of over 3,000 HPC charging points with up to 350 kW of power each. Gridserve started expanding its HPC network in the UK at the end of 2021. This week alone, the CPO commissioned a new “Electric Super Hub” with six fast chargers of 350 kW each and six AC chargers of 22 kW each in Cornwall.
The total of £526 million (currently around €613 million) is made up of an already committed £326 million (€380 million) credit line and £200 million (€233 million) yet to be committed under a so-called accordion facility. The latter allows Gridserve to adjust the maximum amount of the existing credit agreement upwards if required without incurring higher interest rates, for example.
“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,” says Gridserve CEO Toddington Harper.
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