EVgo Inc., a leading provider of public fast charging infrastructure for electric vehicles, has announced the successful closure of a $225 million senior secured, non-recourse credit facility with top-tier global project finance banks. This facility, which was oversubscribed, includes an option to increase the financing by an additional $75 million, bringing the total potential financing to $300 million. This groundbreaking commercial bank loan, the largest of its kind in the United States, aims to support the deployment of over 1,500 high-power fast charging stalls across the nation. The financing, led by SMBC and supported by Bank of Montreal, Royal Bank of Canada, ING Bank NV, and Investec Bank Plc, reflects strong confidence in EVgo's operational and financial performance, as well as its leadership in expanding the EV charging network. The funds will enable EVgo to continue enhancing its infrastructure, providing more fast charging options to EV drivers nationwide.
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