The bidding has opened for the management of the U.K. Government’s £400 million ($524 million) Charging Infrastructure Investment Fund.
According to the Treasury Department, the fund will enable businesses to access the finances they need to build more charging points.
The Charging Infrastructure Investment Fund will support businesses to build electric vehicle charge points across the country and boost jobs in the industry.
The move will make it easier for the public to own an ultra-low emission car, helping to improve air quality and protect the environment.
The bidding process follows the launch of the Road to Zero Strategy, which sets out the government’s long-term plan to have at least half of new cars be ultra-low emission by 2030 and all new cars and vans be effectively zero emissions by 2040.
The Chancellor announced at Budget 2017 the new fund to increase the rollout of electric vehicle charging points and catalyze the available financing market. The fund is made up of £200 million ($262 million) of government investment, which will be matched by another £200 million ($262 million) from the private sector.
The Request for Proposals (RFP) published today sets out the Treasury’s requirements and the necessary information for fund managers to submit a bid. The successful fund manager will be appointed to raise and manage this investment fund on behalf of the Treasury.
