Milbank LLP advised several international financial institutions in connection with the US$1.35 billion financing for the development and construction of an electric vehicle (EV) manufacturing plant by the Hyundai Motor Group. The financing is a “green loan” adhering to LMA Green Loan Principles and marks Hyundai Motor Group’s first EV manufacturing plant in the United States.
Milbank represented Australia and New Zealand Banking Group, Ltd. and The Hongkong and Shanghai Banking Corporation Limited as export credit agency (ECA) coordinators; Australia and New Zealand Banking Group Ltd. and HSBC Bank Plc as green loan coordinators; HSBC Bank Plc as facility agent; the mandated lead arrangers; the lenders; and K-SURE. Milbank’s head of projects and banking in Korea, David Gartside, said, “This is the fourth large scale Korean ECA-backed financing for the EV sector our team has advised on recently. We’re proud to have been asked to support Hyundai Motor Group’s financiers on this green loan pursuant to HMG’s EV manufacturing expansion priorities in the US.”
The plant is expected to have an annual production capacity of approximately 300,000 EVs at the Georgia Metaplant complex near Savannah, Georgia.
The Milbank team was led by partner David Gartside and included associates Anthony Scott, Joseph Hansik Ha and Chloe Kim.
