Electric vehicle manufacturing, Rivian, Georgia plant, debt issuance, sustainable transportation
Rivian Automotive is gearing up to secure approximately $15 billion in debt to facilitate the construction of an electric vehicle manufacturing facility in Georgia, as announced by the EV manufacturer on Monday.
According to a securities filing, the taxable bonds will be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties, as outlined in an agreement dated November 9. Rivian has committed to acquiring bonds as they are issued.
In adherence to the agreement, Rivian has committed to making property tax payments of nearly $300 million through 2047, with the potential for an increase should the company surpass its initial $5 billion investment.
Rivian had previously disclosed its plans to establish the Georgia plant in 2021, with an anticipated commissioning by 2024. The forthcoming facility is expected to provide employment opportunities for over 7,500 individuals and, in the long term, manufacture up to 400,000 vehicles annually. More on Finance click here