Standard Chartered is global coordinator of USD950 million syndicated green loan facility for Polestar
on 14 Mar 202413 March 2024, London – Standard Chartered announces its role as the global coordinator, joint mandated lead arranger and joint green loan lead coordinator in the successful closing of a USD950 million syndicated green loan facility for Polestar Automotive Holdings UK PLC (Polestar).
In addition to its lead role, Standard Chartered is also Bookrunner, Facility Agent, Security Agent and Account Bank for the landmark transaction.
Polestar is one of the leading sellers of high-performance electric vehicles, with the car maker headquartered in Sweden, and an affiliate of Volvo Cars and Geely Holding Group, China’s leading automaker. The proceeds of the loan will cover a large majority of Polestar’s estimated financing need for the next stage of its development, as it brings three electric vehicles to the market during 2024 and 2025.
Sverre Hana, CEO and Country Head, Client Coverage, Nordics at Standard Chartered, said: “We are proud to lead on this facility and to strengthen our relationship with Polestar, supporting its financing needs to progress the car maker’s business model in line with its sustainability goals. Our innovative financing solutions enable us to deliver on our own commitments to offer sustainable business initiatives for our clients.”
Jean Lu, Head of Client Coverage, Corporate, Commercial and Institutional Banking at Standard Chartered China, said: “China and Europe are leading the global EV transition with increasing integration on the whole EV supply chain. We are pleased to support Geely and Polestar’s development in this space and help encourage the flow of trade between Europe and Asia, in this case, Sweden and China”.
Per Ansgar, Polestar CFO, says: “Securing funding from a syndicate of global banks, and strengthening our relationship with Standard Chartered, reflects our partners’ belief in Polestar’s growth. This facility represents a big step towards Polestar securing the financing needed to deliver on our business plan, whilst further improving our debt maturity profile.”
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For further information please contact:
Kate Matthews
Communications Director, Europe
Standard Chartered
+44 20 7885 7899
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