Bank partners with government’s local electric vehicle infrastructure scheme to support the rollout of electric vehicle charging
Bank to work with government’s Local Electric Vehicle Infrastructure Fund to support the rollout of charging infrastructure
30 March 2023
The UK Infrastructure Bank today welcomes the opportunity to work with the Local Electric Vehicle Infrastructure (LEVI) Fund, which will help support a step-change in the delivery of EV charging infrastructure across England.
Local authorities who are applying for funding under the new LEVI scheme will be able to work with the Bank directly to access our preferential LA lending rate, with the aim of increasing investment in local charging infrastructure. This approach will allow successful LEVI candidates access to additional financing to scale-up their activities and deliver equitable delivery of this vital infrastructure.
The LEVI Fund aims to deliver a step-change in the deployment of local, primarily low power on-street, charging and infrastructure across England and to accelerate the commercialisation of and investment in the local charging infrastructure sector.
Successful projects will have access to the Bank’s local authority lending function, and our preferential LA lending rates, which supports public bodies across the UK to access loans and additional financing to scale-up their activities and deliver critical green infrastructure and boost regional growth, aligned with the Bank’s mandate.
Decarbonising transport is key to helping deliver on net zero targets, with the sector currently responsible for 24% of emissions across the UK.
Increasing access to EV infrastructure across the country can also unlock better connectivity, which aligns with the Bank’s mandate to boost regional and local economic growth.
John Flint, CEO of UK Infrastructure Bank said:
"We know the transport sector is vital to helping the UK reach its net zero ambitions and is key to unlocking regional and local economic growth, which is why it's so important that we continue to invest in EV charging infrastructure to enable more consumers to make the switch to greener and cleaner vehicles in the future.
"Local authorities are at the forefront of supporting the transition to net zero and supporting people across the UK to make greener choices by offering local, reliable EV infrastructure is a big part of this. I’m pleased that the Bank can help them to access the funding they need to roll out it out at pace."
Technology and Decarbonisation Minister Jesse Norman said:
"Decarbonising the UK's roads is a key part of a cleaner transport system, and the Local EV Infrastructure Fund will boost the UK's charging network in all regions.
"With the UK Infrastructure Bank also closely involved, local authorities will now have access to a range of financing through which to grow the charging network across the country."