February's newsletter: From the world of export and commodity finance
In February’s edition, we explore the evolving risks and opportunities in export and commodity finance, focusing on the financial exposure of ECAs, DFIs, and banks to the growing EV gigafactory sector. We also cover key policy updates and funding developments, from China’s new export restrictions to Cote d'Ivoire’s Bpifrance-backed metro financing. Plus, we spotlight Mercuria’s $1.69 billion syndicated facilities. We’re excited to invite our subscribers to Exile Intelligence Day on March 10 in London for an exclusive first look at FY24 data insights and a chance to network with industry professionals.
If you have any comments or questions, please feel free to drop a comment, message us, or reach out to us at [email protected]. If you would like to schedule a consultation with us or learn more about data and how a TXF subscription can enhance your business, please get in touch.
EV gigafactory risk: Who's on the hook?
Between 2020 and Q1 2024, 11 EV gigafactory project financings signed globally, according to Exile Intelligence. But amid ongoing financial woes, how much exposure do ECAs, DFIs and banks have to this once nascent sector?
Latest news in export and commodity finance:
Spotlight deal of the month: Mercuria closes $1.69bn syndicated facilities
Mercuria has successfully closed its USD 1.69 billion equivalent syndicated term loan and revolving credit facilities in Asia. The facilities include a one-year USD revolving credit facility with a revolving credit/swingline option, a new one-year term loan credit facility in Offshore Chinese Renminbi (CNH), and a three-year USD revolving credit facility, each with two optional 12-month extensions.
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How much exposure do ECAs/DFIs have to EV gigafactory projects?
ACC and Northvolt are restructuring gigafactory debts amid declining EV demand and competition from cheaper Chinese batteries, raising concerns about potential exposures for DFIs, ECAs, and banks. Since 2020, there have been considerable global financings for EV gigafactories, with significant loans from ECAs and DFIs across several deals. Northvolt's bankruptcy revealed unused green financing and halted expansion plans, while ACC faces delays and partial cancellations, as the companies review and scale down projects. Despite these challenges, some European ECA/DFI-backed projects remain unaffected.
Join us for an exclusive in-person gathering where subscribers get first access to FY24 data insights and reports!
For the first time ever, we're thrilled to host Exile Intelligence Day, an exclusive in-person event for Exile Intelligence subscribers. Taking place on March 10th?in?Bishopsgate, London, subscribers will have the unique opportunity to access FY24 data insights from Proximo, TXF, and Uxolo, and network with industry-leading professionals. To be part of this impactful day, explore our subscription options and gain access to our exclusive database of deals and export & commodity intelligence platform.
Note: With limited capacity, Exile Intelligence Day is filling up fast. Reserve your place now to ensure you don’t miss this opportunity.
As we wrap up this newsletter, we'd like to share this month's featured song, San Diego Serenade by Tom Waits. Follow our Spotify playlist to listen now.
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Best,
Team TXF