ANZ to lend $711m to Hyundai-LG Energy joint venture to make batteries for electric vehicles

ANZ to lend $711m to Hyundai-LG Energy joint venture to make batteries for electric vehicles
ANZ to lend $711m to Hyundai-LG Energy joint venture to make batteries for electric vehicles

The logo of ANZ banking group is displayed in the window of a branch in central Sydney, Australia April 30, 2016. REUTERS/David Gray/

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Sep 2 (Reuters) – Australia and New Zealand Banking Group (ANZ.AX) has set up a $711 million loan facility for a joint venture between Hyundai Motor (005380.KS) and LG Energy Solution (373220.KS) which manufactures batteries for electric vehicles (EVs) in Indonesia.

ANZ said on Friday that the loan facility for the HLI Green Power joint venture is a 10-year term loan facility backed by the Korea Trade Insurance Corporation (K-Sure).

South Korea’s LG Energy and Hyundai last year began building their $1.1 billion electric vehicle battery manufacturing plant based in Indonesia, seeking to tap into the country’s rich nickel reserves amid growing demand for cleaner fuel sources. Read more

Indonesia is attracting particular interest as a hub for electric vehicle batteries, “given that it is home to the world’s largest nickel reserve”, ANZ said.

Last month, LG Energy Solution also announced plans to build a new $4.4 billion lithium-ion battery plant for electric vehicles in the United States with Japan’s Honda Motor Co (7267.T).

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Reporting by Riya Sharma in Bengaluru; Editing by Vinay Dwivedi and Uttaresh.V

Our standards: The Thomson Reuters Trust Principles.

The article is in French

. ANZ lend million dollars joint venture HyundaiLG Energy for manufacture batteries electric vehicles

. ANZ lend #711m HyundaiLG Energy joint venture batteries electric vehicles

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