EVWire brief: EVgo has closed a $225 million oversubscribed credit facility with a syndicate of global banks, with an option to increase it to $300 million. The five-year, non-recourse loan is claimed as the largest of its kind for EV charging in the United States and will fund the rollout of over 1,500 additional high-power fast-charging stalls across EVgo’s public network and dedicated fleet hubs.
Details:
Syndicate led by SMBC; Bank of Montreal, Royal Bank of Canada, ING Bank NV, and Investec Bank also participated.
EVgo received a first draw of ~$48M on 24 July 2025.
Interest is SOFR + 3.25%, with a 0.25 percentage-point step-up from year five.
Loan proceeds cover up to 60% of eligible project costs; EVgo pledged 400 existing stalls as initial collateral.
The lending syndicate includes SMBC as Structuring Agent, Coordinating Lead Arranger, and Joint Bookrunner, with Bank of Montreal, Royal Bank of Canada, and ING Bank NV as Joint Lead Arrangers and Bookrunners. Investec Bank Plc also participated.
Context:
EVgo currently operates more than 1,100 fast-charging stations in 40+ states. It also holds a separate $1.25 billion DOE loan guarantee announced last year, set up to deploy 7,500 public charging points.
Quotes:
“EVgo has built a trusted nationwide public fast charging network and has consistently demonstrated strong operational and financial asset performance. This facility will provide incremental low-cost capital to enable us to increase our infrastructure buildout, which will ultimately provide EV drivers more fast charging choices. As the first of its kind in the United States, the Facility reflects continued and growing confidence in both EVgo’s leadership position and in the future of the EV charging industry by financial markets.”
Source: EVgo. Thumbnail image: EVgo
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