Wedoany.com Report-Aug. 4, EVgo, a leading electric vehicle (EV) charging network provider, announced a $225 million senior secured, non-recourse credit facility with five major commercial banks to support its expansion in the United States. The funding aims to add over 1,500 new DC fast chargers to the nation’s EV infrastructure, with an option to secure an additional $75 million for further network growth.

Francine Sullivan, EVgo’s Chief Legal Officer and EVP of Corporate Development, highlighted the significance of the deal: “This groundbreaking financing transaction sets a precedent for expanding high-power charging infrastructure by leveraging debt capital. 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.”

The credit facility is backed by a consortium of five prominent banks, led by SMBC, which serves as Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner. Bank of Montreal, Royal Bank of Canada, and ING Bank NV act as Joint Lead Arrangers and Joint Bookrunners, while Investec Bank Plc participates as a lender. This collaboration underscores confidence in EVgo’s business model and its role in advancing accessible EV charging infrastructure.

Juan Kreutz, SMBC Americas Head of Global Structured Finance, emphasized the innovative nature of the agreement: “This financing demonstrates SMBC’s continued ability to lead innovative financing solutions for clients in emerging sectors across the broader infrastructure landscape. We are proud to partner with an industry leader like EVgo on this pioneering financing as the company expands its network of accessible charging infrastructure throughout the US.”

The funding reflects the growing maturity and profitability of EVgo’s fast-charging network, as well as trust in its management team. By securing this substantial loan, EVgo aims to strengthen its leadership in the EV charging sector, supporting the increasing demand for reliable and widespread charging options across the country. The initiative aligns with broader efforts to promote sustainable transportation and reduce reliance on traditional fuels.

This milestone positions EVgo to accelerate its network expansion, enhancing the availability of high-power charging stations and contributing to the growth of EV adoption in the United States.