EVgo announces commerical bank loan facility

EVgo (EVGO) closed on a senior secured, non-recourse credit facility with top tier global project finance banks in the amount of $225M with optionality to increase the size of the financing by $75M to fund additional growth. The Facility was oversubscribed and is a first-of-its-kind financing in the commercial bank market for charging infrastructure in the United States. The Facility provides EVgo with additional leverage capacity to fund growth beyond debt financing currently in place. Proceeds from the Facility will be used to accelerate EVgo’s nationwide deployment of additional high-powered charging infrastructure by more than 1,500 stalls, including the expansion of EVgo’s dedicated charging hubs business serving autonomous vehicles and other fleet partners as well as EVgo’s public fast charging network, with the flexibility to include stalls that do not fall within the scope of EVgo’s existing debt financing. The continued growth of EVgo’s network is expected to further expand its position as an industry leader in public fast charging. The Facility is provided by a syndicate of top-tier global banks led by SMBC as Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner, and Bank of Montreal, Royal Bank of Canada, and ING Bank NV as Joint Lead Arrangers and Joint Bookrunners, and Investec Bank Plc as a participating lender. The opening of the commercial bank project financing market as a source of capital for public fast charging is an important milestone reflecting the maturity of the Company, the profitability of the EVgo network, and confidence in the Company’s management.