Gridserve has secured financing worth more than half a billion pounds to accelerate the upgrade and expansion of its UK electric vehicle (EV) charging network.

The charge point operator said that the refinancing will help it install more than 500 new charging hubs, delivering more than 3,000 new high-power charge points with speeds of up to 350kW.

The funding comprises of £326 million in committed loan facilities, with a further £200m uncommitted accordion facility for future assets – a total of £526m.

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.

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 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 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 and 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.