-Third round of funding to support EV global leadership ambitions-
ANZ has successfully closed an USD1.35b Green Labeled K-Sure covered Term Loan Facility for Hyundai Motor Group, funding its first electric vehicle (EV) manufacturing plant in the US, as the world's third largest car manufacturer continues to invest in the country.
It will help accelerate Hyundai Motor Company's electrification strategy with an expected manufacturing capacity of 300,000 units annually at its Georgia Metaplant complex.
The Green Export Credit Agency (ECA) backed loan adheres to LMA Green Loan Principles, and reinforces ANZ as a key financing partner for Hyundai Motor Group, acting as ECA and Green Loan Coordinator, Mandated Lead Arranger, and Bookrunner on its past three mandates.
Aaron Ross, ANZ's Global Head of Project, Export & Asset Finance said, "These deals underscore ANZ's market-leading position in the Korean ECA sector, delivering low risk, capital-efficient and high-returning facilities that meet our customer needs. We have executed four major EV sector transactions backed by Korean ECAs in the past five years.
"We're proud to play a role in supporting Hyundai Motor Group's capital expenditure initiatives as it strives to become a global leader in electric vehicle manufacturing. Leveraging our expertise across Korea, Japan, Singapore, Indonesia and the US, we have been able to consistently deliver smart solutions by integrating sustainable finance to meet Hyundai Motor Group's strategic and evolving needs," Mr Ross said.
Previous deals with Hyundai Motor Group include:
- USD 940 million K-Sure-backed deal for Hyundai Mobis' EV parts plant located within the Georgia Metaplant complex
- USD 711 million ECA financing to establish South-East Asia's first and largest EV battery manufacturing facility in Indonesia
- SGD 230 million green loan to finance the Hyundai Motor Group Innovation Center in Singapore
ANZ has set a target to fund and facilitate at least $A100 billion by the end of FY2030, including $A15 billion by end FY2024, in social and environmental outcomes through customer activities and direct investments by ANZ. This includes initiatives that aim to help lower carbon emissions, protect nature, increase access to affordable housing and promote financial wellbeing, as described in the target methodology.
