Milbank LLP represented the EIB, Euler Hermes, KEXIM, KSure, NEXI, Riksgalden and a group of commercial bank lenders in connection with the $5 billion financing for the expansion of Northvolt Ett, an electric vehicle (EV) battery manufacturing facility in Skellefteå, Sweden. This transaction marks the largest green loan ever secured in Europe.
In addition to the expansion of Northvolt Ett’s battery cell manufacturing capabilities, the financing will enable the expansion of the adjacent recycling plant, Revolt Ett, creating a fully integrated circular battery production facility.
“Milbank is fortunate to work with clients who are leaders in the EV battery sector and the European energy transition,” said Matthew Brown, a partner in Milbank’s Global Project, Energy and Infrastructure Finance Group in London. “This innovative, first-of-its-kind project is essential to Europe’s ambitious sustainable development goals.”
The London-based Milbank team was led by Matthew Brown and included special counsel Seyda Duman and associates Samuel Forsyth, David Thomas, Tom Rhys Jones and Ignatius Quin, along with trainees Andrew Amos, Suzy Azim and legal assistant Ishaï Wodon.
