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Latham Advises UK Infrastructure Bank on AESC Gigafactory’s £200 Million Loan

February 15, 2024
The loan will help strengthen the UK’s electric vehicle supply chain.

Latham & Watkins has advised UK Infrastructure Bank on a £200 million loan to support the development of AESC’s gigafactory in Sunderland, North East of England. The factory will produce lithium-ion batteries for next-generation electric vehicles manufactured in the UK, strengthening the UK’s electric vehicle supply chain and providing a boost to the regional economy.

The project aligns strongly with the UK Infrastructure Bank’s core mission to tackle climate change and support local and regional economic growth, and its mandate to invest in critical supply chains and advanced manufacturing which supports the UK's net zero transition.

The Latham team was led by London finance counsel Alexander Buckeridge-Hocking and partner John-Patrick Sweny with associate Kenza Alexandra Bentaibi. Advice was also provided on tax matters by London associates Lina Le Roux and Nicole Lim; and on regulatory matters by London associate Stephanie Adams.