Driving the roll out of electric vehicle charging points: The UK Infrastructure Bank commits £45 million to support GRIDSERVE’s ambitious roll-out across motorway services.

The UK Infrastructure Bank commits £45 million to support GRIDSERVE’s ambitious roll-out across motorway services.

UK Infrastructure Bank has today announced a commitment of £45m in senior debt to support GRIDSERVE with the roll-out of critical Electric Vehicle (EV) charging infrastructure across motorway service areas in the UK.

The Bank’s financing, part of a £300m committed Capex facility, will support investment in around 2,000 ultra-rapid (up to 350kW) charging points as part of GRIDSERVE’s wider roll out to increase availability at motorway service areas nationwide.

Significant capital is required in the EV charging sector to help meet the Government’s target of 300,000 public chargers by 2030 and deliver at least six rapid charging points at every motorway service area across England by 2023, and the Bank’s financing will help deliver these targets.

John Flint, CEO of the UK Infrastructure Bank said: “We have been supporting this debt raise from the outset and, as we have seen investor appetite grow and more players come in on the deal, it has affirmed the role we can play in stimulating these types of emerging markets. We hope to play a similar role with other charge point operators looking to scale up in the future.

“More broadly, one of the barriers to consumer adoption of EVs is access to charging infrastructure, and our support for GRIDSERVE will not only directly increase accessibility for UK drivers but also demonstrates the viability of debt financing to boost further investment.”