MUFG is pleased to have supported Verkor with a EUR1.3bn project financing for the delivery of their first gigafactory. The gigafactory, to be located in Dunkirk, France, will be operational in 2025 and will have an initial production capacity of 16 GWh/year.
Verkor, a French industrial company founded in 2020, has the ambition of developing low carbon batteries for high-end car manufacturing with one of the smallest environmental footprints in the world.
Verkor's aims for this new gigafactory to help contribute to Europe's industrial development in energy storage and electrical mobility and expect it will create thousands of jobs over the next two years.
MUFG EMEA acted as Mandated Lead Arranger, Global Facility Agent and Account bank.
Guillaume Leprieur, Head of Structured Finance Office, France, MUFG EMEA, said:
"Congratulations to the Verkor team and its sponsors for achieving this important milestone. This debt financing is a fantastic achievement which pioneered many firsts and we are proud to have played a lead role in meeting Verkor's financing needs.
This demonstrates the strength of our platform in supporting clients across new business models, key for the success of the energy transition."
Benoit Lemaignan, CEO of Verkor, commented:
"We are proud to secure 1.3 billion euros to further develop our ambitions. This debt financing will enable us to finalize the construction of our Gigafactory, which will produce its first low-carbon battery cells in 2025.
The participation of 19 leading banks demonstrates the credibility of our project, and enables us to accelerate our drive to become one of Europe's leading battery manufacturers. We are also delighted that this financing takes the form of an unprecedented 'green loan'."
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Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world's leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,000 locations in more than 40 countries. The Group has about 120,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world's most trusted financial group" through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG's shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit MUFG EMEA Website.
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It should be noted that no universally accepted global framework (legal, regulatory, or otherwise) currently exists, nor is there a market consensus in terms of what constitutes a “green", “sustainable", “responsible", “traditional", or equivalent “ESG" investment, communication, product, or offering. Furthermore, no assurance can be given that such a universally accepted framework or consensus will develop over time. Although there have been regulatory efforts in certain jurisdictions and regions (in particular, in the European Economic Area) to define such concepts, the legal and regulatory framework is still under development.
Additionally, the lack of common or harmonised definitions and labels currently regarding what is considered “green", “ESG", “sustainable", “responsible", and other similar criteria, or clear guidelines on what these monikers mean may result in different approaches being taken by different institutions.
Accordingly, no assurance, warranty or representation can be given by MUFG Bank (Europe) N.V. including its branches (together “MUFG EUROPE") that any of their investments, products, communications, services or offerings will meet any or all expectations regarding “green", “ESG", “sustainable", “responsible", or other equivalently labelled objectives.
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Alongside its sustainable financing activities, MUFG and its affiliates invest in and finance projects associated with a wide range of industries, businesses and jurisdictions including in, but not limited to, high-emitting and hard to abate sectors such as the energy sector. MUFG commits to achieve net zero emissions in its finance portfolio by 2050 and its own operations by 2030. MUFG's Carbon Neutrality Declaration Roadmap can be found here.
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This product/service/communication (the “Subject") is intended to comply with the general principles, laws, rules and regulations related to environmental, social, and governance (ESG), sustainability or corporate responsibility. However, please be aware that ESG standards and regulatory requirements may vary significantly across different jurisdictions. As such, depending on your country of residence or incorporation, there may be specific local requirements or standards that the Subject does not fully address. We encourage you to consider your local requirements and your own ESG criteria and objectives when selecting our products and services.
It should be noted that no universally accepted global framework (legal, regulatory, or otherwise) currently exists, nor is there a market consensus in terms of what constitutes a “green", “sustainable", “responsible", “traditional", or equivalent “ESG" investment, communication, product, or offering. Furthermore, no assurance can be given that such a universally accepted framework or consensus will develop over time. Although there have been regulatory efforts in certain jurisdictions and regions (in particular, in the European Economic Area) to define such concepts, the legal and regulatory framework is still under development.
Additionally, the lack of common or harmonised definitions and labels currently regarding what is considered “green", “ESG", “sustainable", “responsible", and other similar criteria, or clear guidelines on what these monikers mean may result in different approaches being taken by different institutions.
Accordingly, no assurance, warranty or representation can be given by MUFG Securities (Europe) N.V. including its branches (together “MUFG SECURITIES EUROPE") that any of their investments, products, communications, services or offerings will meet any or all expectations regarding “green", “ESG", “sustainable", “responsible", or other equivalently labelled objectives.
The providers of any opinions, certifications, reviews and validations in connection with MUFG EUROPE programmes and/or frameworks are not currently subject to any specific regulatory or other regime or oversight. Any such opinion, certification, review and validation issued in connection with MUFG SECURITIES EUROPE programmes and/or frameworks is not, nor should be deemed to be, a recommendation by us or any opinion or certification provider, external verifier or any other person. There will be no recourse against MUFG SECURITIES EUROPE or the provider of any such opinion, certification, review or validation for the contents of any such opinion, certification, review or validation. Prospective consumers of the Subject must determine for themselves the relevance of any such opinion, certification, review or validation and/or the information contained therein and/or the provider of such opinion, certification, review or validation.
Alongside its sustainable financing activities, MUFG and its affiliates invest in and finance projects associated with a wide range of industries, businesses and jurisdictions including in, but not limited to, high-emitting and hard to abate sectors such as the energy sector. MUFG commits to achieve net zero emissions in its finance portfolio by 2050 and its own operations by 2030. MUFG's Carbon Neutrality Declaration Roadmap can be found here.
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