UK-based electric vehicle (EV) charge point operator GRIDSERVE Sustainable Energy (GRIDSERVE) has raised a total of £526 million (~$682 million) in green infrastructure financing to accelerate its e-mobility expansion in the country.

The financing comprises £326 million (~$423 million) in committed loan facilities, with a further £200 million (~$259.5 million) uncommitted accordion facility that the company has reserved for future assets.

The £326 million facility consists of a £300 million (~$389 million) term loan, a £10 million (~$13 million) working capital facility, and a £16 million (~$21 million) value-added tax  facility.

The financing will be undertaken under GRIDSERVE’s Green Finance Framework, certified Dark Green by S&P Global’s Shades of Green, making it the first officially designated green loan for EV charging infrastructure in the UK.

The Dark Green is a specific shading scale by S&P Global allocated to projects and solutions corresponding to the long-term vision of a low-carbon and climate-resilient future.

GRIDSERVE plans to use the funds to install over 500  Electric Super Hubs nationwide to help deliver more than 3,000 high power charge points with speeds of up to 350 kW, capable of providing 100 miles of charge in five minutes.

The funds will help GRIDSERVE’s Sun-to-Wheel ecosystem— a company-developed system to monitor energy deployment while maximizing its impact for effective climate action.

The company will also use the funds to plan upgrades for its future EV charging Super Hubs and Electric Forecourts that are a substitute for petrol forecourts. The funds will be directed to refinance operational solar and battery projects, which will help the company expand its services in the UK.

Founder and CEO of GRIDSERVE Toddington Harper said, “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.”

Last year, GRIDSERVE raised $243 million in one of the top venture capital funding deals in 2022.

In June 2022, the UK government closed the plug-in grant program, which offered incentives on the purchase price of EVs. The funds from it were to be diverted to installing charging stations and supporting taxi and van drivers to transition to EVs.