Milestone for Europe-wide electric vehicle charging stations – Allen & Overy advises IONITY on two bilateral financings
18 April 2019
Munich-based IONITY GmbH & Co. KG, a joint venture between vehicle manufacturers BMW Group, Daimler AG, Ford Motor Company and the Volkswagen Group (with Audi and Porsche) instructed Allen & Overy to offer comprehensive advice on two bilateral financing arrangements.
The credit facilities were provided by Crédit Agricole Corporate and Investment Bank Deutschland and BNP Paribas S.A. Niederlassung Deutschland. IONITY's objective is to build and operate a Europe-wide network of high-power charging stations for electric vehicles (EV charging stations). The two financings contribute direct to developing this project. The total volume of the financings is EUR 40 million.
"We are delighted to have advised IONITY on its first round of financing. We, the Allen & Overy team, are particularly proud of being able to support such an exciting, forward-looking project such as the launch of a Europe-wide network of EV charging stations. The deal provided us with the opportunity to also contribute our established skills relating to the financing of projects in the infrastructure and renewable energy sectors in the context of these 'new infrastructures'," concluded partner Dr Norbert Wiederholt.
"It is Allen & Overy's experts who play such a key role in our challenging project. The interaction between our teams and theirs was excellent," added IONITY CFO Bernd Edelmann.
The Allen & Overy team was led by Frankfurt-based partner Dr Norbert Wiederholt and senior associate Dr Jan-Hendrik Bode (both Banking & Finance, Frankfurt) and comprised partner Dr Heike Weber, associate Dr Thomas Dieker (both Tax, Frankfurt) and transaction support lawyers Angelika Pikulska (Banking & Finance) and Julia Hennig (Corporate, both Munich).
Another Allen & Overy team led by partner Dr Astrid Krüger (Corporate, Munich) provides IONITY with comprehensive advice on corporate law and other issues.