Milbank LLP advised EVgo Inc. (NASDAQ: EVGO), as sponsor, in the successful closing of a $225 million senior secured, non-recourse credit facility to fund a portfolio of operational electric vehicle (EV) charging stalls.
EVgo is one of the nation’s largest providers of public fast-charging infrastructure for EVs. This facility is backed by charging stall revenues and will support the continued buildout of EVgo’s fast-charging infrastructure across the United States.
The Milbank team was led by Global Project, Energy and Infrastructure Finance partners Bill Bice and Micaela McLean, with support from Global Project, Energy and Infrastructure Finance associates Derrik Sweeney, Anna Denton and Vishnu Nagireddy; Structured Credit partner Elizabeth Martinez and associates Serge Holodny, Chloe Wang and Jessica Miller.
“We appreciate the opportunity to advise EVgo on this transaction, which is the first commercial bank financing for EV fast-charging infrastructure in the United States,” commented Mr. Bice. Ms. McLean noted, “This pioneering transaction underscores our team’s strength in supporting our clients in emerging areas of energy transition.”
