Terawatt Infrastructure, am infrastructure platform for autonomous and electric fleets, entered into a five-year facility for up to $150 million in committed senior secured financing, with an option for an incremental financing of up to $150 million, provided by a syndicate of global banks led by RBC Capital Markets. The proceeds will support the acquisition and development of charging depots expanding Terawatt’s network of sites to power the next generation of autonomous and electric transportation.
“Electrification of fleets is here to stay and the infrastructure powering it has to be bulletproof. We give fleets the certainty they need to scale,” Neha Palmer, co-founder and CEO of Terawatt, said. “This financing accelerates our path to building a durable foundation of infrastructure for the industry which is emerging as an attractive new asset class.”
Nanda Kamat, managing director and head of project finance at RBC Capital Markets, added, “Terawatt controls strategically located assets in high-demand urban markets and has long-term relationships with the leading autonomous and electric fleet operators — it is an indispensable infrastructure layer for the industry. We view charging for EV and AV fleets as an important strategic asset class, and RBC is pleased to serve as lead arranger on this facility as Terawatt expands across the U.S.”
The financing is the first commercial bank facility for Terawatt. RBC Capital Markets served as the sole structuring agent and coordinating lead arranger, with SMBC as coordinating lead arranger, administrative and collateral agent, and UBS Investment Bank as coordinating lead arranger.
Vinson & Elkins served as counsel to Terawatt, Milbank served as counsel to the lending group, and DNV Energy USA served as technical advisor to Terawatt.
