Financing details emerge on UK EV deal
UK-based EV infrastructure developer Zenobe’s has closed a fresh debt facility arranged by 2 institutional investors and 6 commercial lenders to support its expansion, IJGlobal can exclusively reveal.
The £241 million ($326m) debt package is ear-marked for the acceleration of Zenobe’s EV bus fleet expansion in the UK and Ireland.
The financing was arranged across 2 tranches:
- £116 million – long-term institutional debt tranche with a 15-year tenor
- £125 million – short-term commercial bank debt tranche with a 5-year tenor
Institutional investor tranche was arranged by:
- Scottish Widows
Commercial bank revolving credit facility was arranged by:
- Siemens Bank
- Societe Generale
The financing will enable Zenobē to service and finance up to 430 new e-buses.
Zenobē founder Nicholas Beatty said: “This is an incredibly exciting step for both Zenobē and the transport sector as a whole. This innovative funding structure marks the coming of age of structured finance solutions for fleet electrification, and signifies substantial growth for our business, allowing us to accelerate the roll-out of electric buses across the UK.”
This is the second debt structure arranged for the company bringing Zenobē’s total debt close to £400 million.
M&G's infrastructure equity arm Infracapital, in 2020, invested £150 million in the company.
Founded in 2017 Zenobē is an EV fleet and battery storage specialist with 175MW in operational and contracted storage assets, 394 e-buses and an estimated 25% of the UK operational e-bus market.
Advisers to Zenobē:
- NatWest – debt adviser
- Allen & Overy – legal
Adviser to lenders:
- Clifford Chance – legal