Chargepoint operator (CPO) Osprey has secured a major finance package from a consortium of financial institutions, including the UK’s National Wealth Fund.
The £110 million senior debt package comes courtesy of Novuna Business Finance (part of Mitsubishi HC Capital UK PLC), Société Générale, Aldermore and the UK Government’s National Wealth Fund. The transaction was advised by RBC Capital Markets and Linklaters. The National Wealth Fund supplied a total of £25 million in debt financing; the fund has previously stated that the EV charging network is a key sector for National Wealth Fund finance deployment.
The funding will be used to expand the reach of Osprey’s charging network, which is currently comprised of over 1,370 rapid charging stations spread across the UK. The company states that it prioritises quality of charging sites rather than pure growth, hand selecting EV charger sites based on community needs.
At the start of this year, Osprey Charging announced that it had been chosen to provide EV charging infrastructure for asset management firm Legal & General, and will supply EV charging facilities to retail and leisure parks across the UK. The company is set to install ultra-rapid chargers at a total of six sites owned by Legal & General, totalling 72 collective chargepoints. The first of these sites, located in Stoke-on-Trent, is already live and is made up of four rapid chargepoints.
Commenting on the funding injection, Ian Johnston, CEO of Osprey Charging, said the firm is “that financial institutions are supporting the work our fantastic, dedicated team are doing”.
John Flint, National Wealth Fund CEO, noted: “The successful transition to EVs is key for net zero but this relies heavily on ensuring people can access reliable charging where and when they need it”. He added that the National Wealth Fund’s finance support for Osprey “will directly support the roll out of thousands of new rapid charge points at public locations across the country, helping drivers to make the switch to electric vehicles and the decarbonisation of transport in the UK.”
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