Ontario Construction News staff writer
The Canada Infrastructure Bank (CIB) has launched a $500-million program to triple the number of electric vehicle charger stations and expand hydrogen refuelling infrastructure across Canada.
“Canadians want to transition to zero-emission vehicles. The launch of our Charging and Hydrogen Refuelling Infrastructure Initiative means we’re ready to move ahead and expand the availability of charging infrastructure in communities across Canada, at scale and speed, in partnership with private sector partners,” CIB CEO Ehren Cory said in a statement.
“And by collaborating with NRCan, we have a like-minded partner focused on reducing GHGs in transportation sector.”
There are currently 22,000 charging stations across the country and the CIB plan is a two- to three-year strategy to finance an additional 50,000 public chargers during a speech to the Canadian Club in Toronto.
The availability of public charging and refuelling infrastructure is a recognized barrier to ZEV adoption across Canada.
The bank says it will provide financing to the private sector structured to share in charging and refuelling infrastructure use risk by aligning repayment with use levels.
Natural Resources Canada has also received an additional $400 million for its Zero-Emission Vehicle Infrastructure Program (ZEVIP) and the two programs will be accessed through proposals that satisfy the following criteria:
- Large-scale implementations (multiple locations, total capital costs more than $10 million)
- Delivered by private-sector proponents
- Revenue generating
If use does not reach certain agreed levels, then required repayments will be proportionally lower, and if use levels exceed expectations, the bank’s return will increase proportionally.
One of the key barriers to zero-vehicle adoption in Canada is the lack of public charging and refuelling infrastructure, with approximately 22,000 public chargers and six hydrogen refuelling stations installed as of August 2022.
The bank says the financing structure is intended to address uncertainty around zero-emission vehicle adoption rates faced by developers and investors.