The Canada Infrastructure Bank, known as CIB, recently announced a financing agreement with North American fuel retailer Parkland Corporation of up to $210 million. The result will allow Parkland to expand its electric vehicle charging network in communities across Canada.
This is the CIB’s second investment under its Charging and Hydrogen Refuelling Infrastructure (CHRI) initiative. The agreement means that Parkland will be able to install up to 2,000 new EV charging ports at up to 400 sites.
“Our initial investments in EV charging have been positive. Strong customer utilization has validated our strategy to build scale in markets with tangible demand and has confirmed our belief that a high-quality customer experience matters,” said Darren Smart, SVP Energy Transition and Corporate Development of Parkland, in a statement.
The company’s existing EV charging network is mainly located in British Columbia, although they are focused on targeting markets with the right customer demand and said it is following consumer behaviour closely.
In a news release, CIB said its investment aims to mitigate risks around the uncertainty in the rate and pace of EV adoption and charger use. They added that these areas have historically been barriers to private investment in charging infrastructure.
“By investing in charging infrastructure, we can support EV adoption and help to significantly reduce transportation sector greenhouse gas emissions,” said Ehren Cory, CEO of CIB, in a statement.