Latham & Watkins Advises EIB on Northvolt’s US$5 Billion Project Financing

Latham & Watkins has advised The European Investment Bank (EIB) in connection with its financing of Northvolt’s gigafactory in Northern Sweden. EIB’s total lending package of over US$1 billion is an important part of the US$5 billion debt financing raised for the expansion of the gigafactory in Skellefteå. The expansion is expected to increase the annual output capacity for battery production to up to 60 GWh. The deal is the largest green loan raised in Europe to date and will facilitate the creation of a fully integrated circular battery production facility that has not previously existed outside Asia.

The Latham team was led by London finance counsel Alexander Buckeridge-Hocking, with associates Charlotte Hawkins, Chidi Onyeche, and Kenza Bentaibi.