Parkland strikes C$210M financing deal to build out EV charging network (OTCMKTS:PKIUF)

Parkland (OTCPK:PKIUF) said Thursday it has secured financing of as much as C$210M (~US$153.5M) from Canada Infrastructure Bank to expand its electric vehicle charging station network in Canada.

CIB’s 18-year financing facility includes principal repayments which are tied to utilization of the installed EV chargers, and it will fund up to 80% of capital deployed to install the chargers over four years, which Parkland (OTCPK:PKIUF) said will significantly de-risk the expansion of its EV charging network.

Parkland (OTCPK:PKIUF) said it is on track to have 50 charging locations in operation by early 2024; it currently operates 37 charging locations, mostly in British Columbia, which has the highest concentration of electric vehicles in Canada.

CIB said the financing agreement paves the way for up to 2,000 public fast-charging ports to come online across Canada.