Allego Holding B.V., a leading pan-European electric vehicle (“EV”) charging network, which recently announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), announced in conjunction with Meridiam the closing of the first-of-its-kind special purpose project finance vehicle for EV charging infrastructure (“AssetCo”). AssetCo was formed to finance the development of more than 2,000 fast and ultra-fast EV charge points between over 200 charging locations across France, in partnership with Carrefour, a leading French retail operator (the “Network”).
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The Network is planned to be powered entirely by green energy and will be installed across select sites within the Carrefour hypermarket network in France by 2023. The new network supports and aligns with the French government’s overall goal of stimulating electromobility within France, and contributes to the Minister of Ecological Transition’s “Objective of 100,000 Chargers.”
The total investment from all parties for network development amounts to approximately €138 million. Approximately €55 million of the total will be financed by senior debt contributions from seven leading European commercial banks – Santander Corporate & Investment Banking, Arkéa Banque Entreprises et Institutionnels, La Banque Postale, Crédit Agricole CIB, BRED Banque Populaire and BBVA – which are committed to the transition to green energy and sustainable mobility, while Société Générale acted as financial advisor. Due to the project’s positive environmental impact, the financing has obtained the Green Loan label.
Allego is a leading European electric vehicle charging company founded in 2013 that was instrumental in developing the project. Allego’s sophisticated proprietary network planning tool Allamo® enabled AssetCo to secure attractive financing terms without recourse. In addition to building the Network, Allego will also be responsible for its operation and maintenance for over 12 years.
Thierry Déau, Chairman, CEO and Founder of Meridiam, said, “This project aligns with our mission to enhance sustainability and is an excellent example of the actionable initiatives that we are implementing to support the energy transition in France. Our joint commitment with Allego alongside Carrefour will allow us to execute a massive deployment of charging stations for electric vehicles throughout France and Europe.”