ICO participates in a sustainable syndicated loan of EUR 35 million to Wallbox to finance its sustainable investments and its internationalisation
23 October 2023
- The financing, which amounts to EUR 35 million, is structured in 2 Tranches: EUR 30 million for sustainable investments and EUR 5 million for internationalisation
- The financing agreement has been signed under the Sustainability Linked Loan formula
The Official Credit Institute (ICO) has participated in an operation of sustainable syndicated financing to Wallbox, one of the world's leading providers of charging and energy management solutions.
It is a syndicated sustainable and internationalisation loan for a total of EUR 35 million with a five-year maturity. This financing is insured by the Spanish Export Credit Agency (CESCE) on behalf of the state under the Strategic Investment Policy and the Green Policy.
The operation consists of a first tranche of EUR 30 million, in which the ICO participates EUR 11 million, for sustainable and strategic investments. This tranche will finance actions in the manufacturing lines for the Supernova fast charger, as well as the bi-directional Quasar 2 and improvements in the logistics of the Wallbox plant in Barcelona. Among other things, Automated Guided Carts (AGVs) will be used to move goods inside the plant and an automated storage and retrieval system for chargers will be installed.
In addition, existing lines will be adapted for future versions of the chargers and measuring and control equipment will be developed to ensure quality standards in all of the company's products, including additional resources to SIRIUS, the energy management software developed by Wallbox.
In addition, Wallbox will allocate part of the funds raised to its printed circuits plant in Sant Boi de Llobregat with the aim of expanding the facilities, as well as building a new assembly line to continue supplying circuits for Wallbox chargers.
The structure of the deal is completed with a second green tranche for internationalisation that will allow the company to expand the US plant and build assembly lines for high-speed and bi-directional chargers.
The ICO is participating in this financing together with the Catalan Finance Institute (ICF), MoraBanc Group and Cofides. EBN Banco acts as lead bank and agent for this operation, which is underwritten by CESCE
Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine the relationship between users and the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 100 countries worldwide. Founded in 2015 with headquarters in Barcelona, the company has offices in Europe, Asia and America. For more information, see www.wallbox.com.
With this loan, Wallbox continues to implement its roadmap and consolidates its leadership as one of the few global operators in electric vehicle charging solutions. The funds raised will allow us to continue improving our industrial operations both in Spain and in the United States, one of the aspects that make our company stronger.
About the ICO
The ICO is the Spanish national promotional bank attached to the Ministry of Economic Affairs and Digital Transformation. It supports innovative and sustainable business projects in Spain and other markets by providing loans and other forms of financing, thereby contributing to sustainable growth. As a national sponsorship bank, it offers financing to businesses, particularly SMEs and the self-employed.
The ICO integrates sustainability as a broad foundation of all activity, focusing its activity notably on the promotion of sustainable projects, both from a social and environmental point of view, in line with its Strategy 2022-2027 and within the framework of the Recovery, Transformation and Resilience Plan. In 2022, the ICO participated with more than EUR 2.2 billion in operations that will mobilise an investment of EUR 15.931 billion in environmental and social projects.