Parkland secures $210 million to expand EV charging network
Published on: Nov 20, 2023
Canada Infrastructure Bank will help the company to strengthen British Columbia’s charging network and expand into other provinces.
Parkland Corporation announced it has secured up to $210 million of financing to support the multi-year growth of its electric vehicle (EV) charging network. Canada Infrastructure Bank’s (CIB) funding includes a 18-year financing facility, whose terms include principal repayments tied to utilization of the EV chargers.
Parkland's existing EV charging network is primarily located in British Columbia, the highest proportion of EV drivers in North America. The company has 37 locations already operational and is on track to have 50 charging locations in operation by early 2024.
"We will be strategic in deploying this financing to expand our charging network, while also exploring additional third party capital opportunities to fund our own, and potential third-party sites," said Darren Smart, SVP Energy Transition and Corporate Development at Parkland.
CIB will fund up to 80% of capital deployed to install the chargers over four years, significantly de-risking the expansion of Parkland's EV charging network. The company has created a specific project finance entity for this CIB financing, which is non-recourse to Parkland.
