InstaVolt has locked in a £250m debt facility, marking a massive milestone for the UK’s EV infrastructure pipeline.

The refinancing, one of the largest deals of its kind in the charge point operator market, will help accelerate the rollout of InstaVolt’s infrastructure while supporting continued investment in technology, network reliability and the long-term EV driver experience.

InstaVolt, which was founded in 2016, has activated 2,600 rapid chargers across 900 sites throughout the UK, with a further 1,100 chargers currently in construction. This brings the network to 3,700 chargers live or in build.

The funding will help InstaVolt continue to meet increasing demand for charging by supporting investment in new sites, network maintenance and technologies such as battery energy storage systems (BESS).

The new debt facility was oversubscribed and secured with backing from a consortium of leading lenders including Close Brothers, Investec, KfW IPEX-Bank, Lloyds, National Wealth Fund, NatWest, Rabobank, Santander and Société Générale.

Delvin Lane, CEO of InstaVolt, said the refinancing marks a major milestone for InstaVolt and for EV charging infrastructure in the UK.

“The significant interest and confidence from our lending partners reflects the strength of our network, the quality of our operations and the continued momentum behind the EV market.

“This facility enables us to accelerate our rollout, continue investing in innovative technology and deliver the reliable, high-quality charging experience EV drivers deserve now and into the future.”

The fund includes a £40m commitment from the National Wealth Fund. The deal marks the National Wealth Fund’s fifth direct transaction into the sector, demonstrating its ongoing support for the long-term growth of the EV market and its focus to back large-scale debt raises and accelerate the rollout of UK charging infrastructure in order to meet future demand.

Forecasts estimate at least 250,000 public EV chargers will be needed by 2030 – up from around 120,000 chargers today – ahead of the phasing out of new cars and vans powered solely by internal combustion engines.

By backing the expansion of InstaVolt’s rapid charging network in the UK the Fund is supporting the Government’s decarbonisation targets by helping ensure there are enough reliable chargers to inspire confidence and help drivers make the switch to EVs.

Oliver Holbourn, CEO of the National Wealth Fund, said: “There is a need to accelerate the rollout of EV chargers in the UK as consumer demand grows. This transaction is a great example of how, by helping market leaders such as InstaVolt raise finance at scale, we’re able to play a meaningful role in the sector, supporting the delivery of critical charging infrastructure necessary for the EV transition.”