New bond issued to fund EV charging network in Greater Manchester

Iduna is seeking to raise £4m to finance the installation of 50 new fast or rapid public EV chargers at high traffic locations across the region

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An offer to fund the rollout of charging infrastructure for electric vehicles (EVs) across Greater Manchester has been launched by Abundance Investment and Iduna Electric Vehicle Charging Infrastructure.

Iduna is seeking to raise £4 million to finance the installation of 50 new fast or rapid public EV chargers at high traffic locations across the region, delivered in partnership with Transport for Greater Manchester (TfGM).

The five-year regulated and tradable bond will pay an annual return of 9% interest.

The chargers will run on 100% renewable electricity supplied by Octopus Energy.

Greater Manchester aims to become a carbon neutral region by 2038 and as part of this, TfGM hopes to ensure half of all journeys are made using public and active transport, such as cycling and walking, by 2040 as residents currently make 1.2 billion car journeys every year.

Availability of off-street parking for home charging is said to be low, therefore increasing the number of public chargers will support in achieving the goal.

Asif Ghafoor, CEO of Iduna said: “The electric vehicle revolution is now firmly upon us. We believe that many people want to play an active role in the climate change challenges we all face and will embrace the tools that will make a positive difference. Our aim is to accelerate the delivery of electric vehicle charging infrastructure using the latest charging technology, data analytics and experienced supply chain partners.

“We are starting with Greater Manchester, one of the first cities to recognise the climate emergency and well placed to become a leading light in the UK’s transition to low carbon transport.”

The project is the first phase of Iduna’s programme to install more than 160 charging points in the city by the end of 2022.

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