EVgo secures $225m to expand US fast charging network
The oversubscribed five-year facility includes an option to increase the total to $300 million. The loan will support the deployment of more than 1,500 additional high-power fast-charging stalls across EVgo’s public charging network and its dedicated charging hubs for autonomous and fleet vehicles. The funding structure also enables EVgo to include charging stalls that fall outside its existing debt arrangements.
The lending syndicate includes SMBC as Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner, with Bank of Montreal, Royal Bank of Canada, and ING Bank NV as Joint Lead Arrangers and Bookrunners. Investec Bank Plc also participated.
“This facility will provide incremental low-cost capital to enable us to increase our infrastructure buildout, which will ultimately provide EV drivers more fast charging choices,” said Badar Khan, CEO of EVgo. “As the first of its kind in the United States, the Facility reflects continued and growing confidence in both EVgo’s leadership position and in the future of the EV charging industry by financial markets.”
“This groundbreaking financing transaction sets a precedent for expanding high-power charging infrastructure by leveraging debt capital,” said Francine Sullivan, Chief Legal Officer and EVP Corporate Development at EVgo. “Such resounding support from the global project finance bank market marks another milestone in EVgo’s plan to enhance value with our growing industry-leading fast charging solutions.”
“This financing demonstrates SMBC’s continued ability to lead innovative financing solutions for clients in emerging sectors across the broader infrastructure landscape,” said Juan Kreutz, SMBC Americas Head of Global Structured Finance.
EVgo’s expansion strategy targets increased geographic coverage and capacity, with an emphasis on fleet electrification and scalable fast charging solutions. The company reports that its operational and financial performance has supported investor confidence and enabled access to structured project finance. The CPO plans to provide further updates on the infrastructure rollout during its Q2 2025 earnings call scheduled for 5 August.
At the end of last year, EVgo announced the closing of its $1.25 billion guaranteed loan facility from the US Department of Energy (DOE) Loan Programs Office (LPO). The money will be used to set up 7,500 public charge points across the US. The US operator received the first installment of the loan at the beginning of the year.
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