Northvolt raises USD 1.6 billion in debt financing through a consortium of commercial banks, pension funds and public financial institutions

Northvolt has signed a USD 1.6 billion debt project financing provided by a consortium of commercial banks, pension funds and public financial institutions, increasing the total amount of capital raised to date for Northvolt’s development of factories and R&D investments to over USD 3 billion.

The debt financing package is provided by a group of commercial banks and pension funds: APG, BNP Paribas, Danske Bank, Danica Pension, IMI – Intesa Sanpaolo, ING, KfW IPEX-Bank, PFA Pension, SEB, Siemens Bank, SMBC, Société Générale, Swedbank and UniCredit, as well as the European Investment Bank, the Nordic Investment Bank and the Export-Import Bank of Korea (KEXIM). The loan is structured with certain guarantees from Euler Hermes (transaction subject to final approval), Nippon Export and Investment Insurance (NEXI) and BPI France.

Mannheimer Swartling acted as legal advisor to Northvolt in the transaction.

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