Canada Infrastructure Bank puts up $500-million to triple EV charging stations

Source: Andrew Willis | · THE GLOBE AND MAIL · | September 28, 2022

Source: CIB chief executive Ehren Cory unveiled details on Wednesday of a two- to three-year strategy to finance an additional 50,000 public chargers during a speech to the Canadian Club in Toronto.GRAHAM PAINE/METROLAND/HANDOUT

The Canada Infrastructure Bank has launched a $500-million program to triple the number of electric vehicle charger stations in Canada, the latest in a string of investments that has seen the Crown corporation invest $7.6-billion in 40 projects.

There are currently 22,000 charging stations across the country. CIB chief executive Ehren Cory unveiled details on Wednesday of a two- to three-year strategy to finance an additional 50,000 public chargers during a speech to the Canadian Club in Toronto.

Mr. Cory said in an interview that the CIB will lend to private-sector companies installing charging stations, refrain from charging interest until units are operational, then receive extra interest payments if utilization exceeds preset thresholds. He said the Toronto-based bank can serve a “public good” by speeding expansion of charging networks into spaces such as shopping malls and grocery stores, which will drive demand for electric cars and in turn lower greenhouse gas emissions.

“Canadians want to transition to zero-emission vehicles,” Mr. Cory said. “We’re ready to move ahead and expand availability of charging infrastructure.” By 2030, the federal government forecasts Canada will need 200,000 chargers.

While the CIB’s minimum loan on projects is $10-million, the bank targets financings in the $100-million range. Its largest loan to date was over $1-billion.

The $500-million charging station program was first announced in April’s federal budget, along with an additional $400-million of funding for a zero-emission vehicle infrastructure project run by Natural Resources Canada. In the budget, the CIB was also given a mandate to invest in emerging green technology, such as small modular reactors and carbon capture, utilization and storage.