Allego Holding B.V. (“Allego” or the “Company”), a leading pan-European electric vehicle (“EV”) charging network, which recently announced its proposed business combination with Spartan Acquisition Corp. III (NYSE: SPAQ), today announced in conjunction with Meridiam the closing of the first-of-its-kind special purpose project finance vehicle for EV charging infrastructure (“AssetCo”). AssetCo was formed to finance the development of more than 2,000 fast and ultra-fast EV charge points between over 200 charging locations across France, in partnership with Carrefour, a leading French retail operator (the “Network”).
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The Network is planned to be powered entirely by green energy and will be installed across select sites within the Carrefour hypermarket network in France by 2023. The new network supports and aligns with the French government's overall goal of stimulating electromobility within France, and contributes to the Minister of Ecological Transition’s “Objective of 100,000 Chargers."
The Network is designed to meet various customer needs, including:
A "comfort" charging service that runs at 22 kW, which will be free for the first hour for customers with a Carrefour loyalty card,
A fast and ultra-fast charging service ranging from 75 kW to 300 kW, which will allow EV cars to recharge in the short span of 15-45 minutes, and
A free service dedicated to charging light electric vehicles such as e-bicycles, kick e-scooters and electric mopeds.
The total investment from all parties for network development amounts to approximately €138 million. Approximately €55 million of the total will be financed by senior debt contributions from seven leading European commercial banks – Santander Corporate & Investment Banking, Arkéa Banque Entreprises et Institutionnels, La Banque Postale, Crédit Agricole CIB, BRED Banque Populaire and BBVA – which are committed to the transition to green energy and sustainable mobility, while Société Générale acted as financial advisor. Due to the project’s positive environmental impact, the financing has obtained the Green Loan label.
Allego is a leading European electric vehicle charging company founded in 2013 that was instrumental in developing the project. Allego’s sophisticated proprietary network planning tool Allamo® enabled AssetCo to secure attractive financing terms without recourse. In addition to building the Network, Allego will also be responsible for its operation and maintenance for over 12 years.
Thierry Déau, Chairman, CEO and Founder of Meridiam, said, "This project aligns with our mission to enhance sustainability and is an excellent example of the actionable initiatives that we are implementing to support the energy transition in France. Our joint commitment with Allego alongside Carrefour will allow us to execute a massive deployment of charging stations for electric vehicles throughout France and Europe.”
Mathieu Bonnet, CEO of Allego, said, “I am delighted that we have been part of the development of this innovative financing with the support of leading European investors. This is a testament to our ability to develop projects on a large scale and validates our technology, especially our network planning tool, Allamo®. We are very excited to be rolling out this network with a fantastic retail brand partner, Carrefour. The combination of shopping and charging has proven to be extremely popular with EV drivers. We are seeing this pattern in other parts of Europe as well, and we will continue our active development in this market segment.”
Meridiam was founded in 2005 by Thierry Déau, with the belief that the alignment of interests between the public and private sector can provide critical solutions to the collective needs of communities. Meridiam is an independent investment Benefit Corporation under French law and an asset manager. The firm specializes in the development, financing, and long-term management of sustainable public infrastructure in three core sectors: sustainable mobility, critical public services, and innovative low carbon solutions. With offices in Addis Ababa, Amman, Dakar, Istanbul, New York, Luxembourg, Paris, Toronto, Vienna, Libreville, and Johannesburg, Meridiam currently manages US$18 billion and more than 100 projects to date. Meridiam is certified ISO 9001: 2015, Advanced Sustainability Rating by VigeoEiris (Moody’s) and applies a proprietary methodology in relation to ESG and impact based on United Nations’ Sustainable Development Goals (SDGs).
Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of more than 26,000 charge points operational throughout Europe – and growing rapidly. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives us and our customers a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient and more enjoyable for all.
All statements other than statements of historical facts contained in this press release (“Press Release”) are forward-looking statements. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,”, “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of other financial and performance metrics and projections of market opportunity and market share. These statements are based on various assumptions, whether or not identified in this Press Release, and on the current expectations of Allego’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and may differ from assumptions, and such differences may be material. Many actual events and circumstances are beyond the control of Allego. These forward-looking statements are subject to a number of risks and uncertainties, including (i) changes in domestic and foreign business, market, financial, political and legal conditions; (ii) risks related to the rollout of Allego’s business strategy and the timing of expected business milestones; (iii) risks related to the consummation of the proposed business combination with Spartan Acquisition Corp. III being delayed or not occurring at all; (iv) risks related to political and macroeconomic uncertainty; (v) the risk that the installation of the charging facilities at certain REWE Nord locations is delayed or does not occur at all and (vi) the impact of the global COVID-19 pandemic, including its impact on any of the foregoing risks. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego does not presently know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans or forecasts of future events and views as of the date of this Press Release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date subsequent to the date of this Press Release. Accordingly, undue reliance should not be placed upon the forward-looking statements.
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