Allego, Meridiam form special purpose financing for EV Charging Network in France

Nov. 29, 2021
It will finance the installation of 2,000 charging points at Carrefour locations

EV charging network firm Allego Holding and asset manager Meridiam have announced the closing of their first special purpose project finance vehicle for EV charging infrastructure.

The funding mechanism will finance the development of more than 2,000 fast and ultra-fast EV charging points across 200 charging locations in France by 2023 in partnership with French retailer Carrefour. The EV charging network will be powered by green energy. The charging points will be located at select sites across the Carrefour network.

The project will require a total investment of approximately 138 million Euros.

 The network will cater to customer needs and offer different services, including:

·        A “comfort” charging service, offered free for the first hour to Carrefour loyalty cardholders. The service will run at 22 kW.

·         A fast and ultra-fast charging service from 75 kW to 300 kW so EV cars can recharge within 15 minutes to 45 minutes.

·         A free service for light EVs, like e-bicycles, e-scooters and e-mopeds.

 Allego Holding’s CEO Mathieu Bonnet explained, “The combination of shopping and charging has proven to be extremely popular with EV drivers. We are seeing this pattern in other parts of Europe as well, and we will continue our active development in this market segment.”

 Approximately 55 million Euros of the total investment amount will be financed by senior debt contributions from seven European commercial banks, namely Santander Corporate & Investment Banking, Arkéa Banque Entreprises et Institutionnels, La Banque Postale, Crédit Agricole CIB, BRED Banque Populaire and BBVA. The financing has secured a Green Loan label.

The network aligns with the French government’s goal of stimulating electromobility in the country and contributes to the objective of installing 100,000 chargers across the country.