Parkland Secures $210 Million Financing to Expand EV Charging Network
Parkland obtains $210 million financing from Canada Infrastructure Bank to expand its EV charging network in Canada, targeting regions with high demand.
Parkland, a Canadian fuel distributor and retailer, announced on Thursday that it has obtained financing of 210 million Canadian dollars ($153.5 million) to further develop its electric vehicle (EV) charging station network across Canada.
The 18-year financing facility has been secured with the Canada Infrastructure Bank. This agreement, negotiated on attractive financial terms, includes principal repayments linked to the utilization rates of the newly established charging stations.
Ehren Cory, the CEO of Canada Infrastructure Bank, stated that this financing agreement sets the stage for the installation of up to 2,000 public fast-charging ports nationwide.
Currently, Parkland operates 37 charging locations, primarily in British Columbia, which has the highest concentration of electric vehicles in the country. However, the company aims to expand its operations and have 50 charging locations in operation by early next year.
According to Darren Smart, Senior Vice President of Energy Transition and Corporate Development at Parkland, the company's initial investment in EV charging has yielded positive results. Strong customer utilization has validated their strategy to expand in markets with substantial demand, such as Ontario and Quebec.
"We will strategically utilize this financing to further expand our charging network while also exploring additional opportunities for third-party capital to fund our own as well as potential third-party sites," said Smart.
In conclusion, Parkland's securing of $210 million financing marks a significant step towards the growth of their EV charging network in Canada. The company plans to target regions with high demand to maximize the impact of their infrastructure development efforts.