Dentons Réczicza Law Firm was the lenders' legal adviser, while Volta was represented by Kinstellar Budapest.
This funding enables Volta, a subsidiary of Solus Advanced Materials in South Korea, which is one of the global leading producers of the battery copper foil, to complete its USD 310 million second investment phase in Környe in north-western Hungary and to increase its battery copper foil capacity from 15,000 tons per year to 38,000 tons per year.
Ultra-thin Battery copper foil is a crucial component of the batteries of electric vehicles, the demand of which has been constantly rising over the past years. The project is also aligned with the goals of the Paris Agreement on limiting climate change and meets the requirements of the EU Taxonomy. To show the company's dedication to the circular economy and that the investment paves the way for a greener future, Volta's Loan Framework has been verified in a second party opinion by Moody's ESG Solutions, according to the press release.
Keun Man Kwak, CFO Solus Advanced Materials, noted, "We are delighted with our cooperation with valued syndication lenders, which marks another step forward in greening the economy and advancing e-mobility. We strongly believe this syndication will strengthen our growth strategy and contribute to accelerating the shift to EVs and a cleaner world for us all. We look forward to continued cooperation with local financial institutions as a committed long-term partner."
Ferenc Kementzey, deputy CEO, Raiffeisen Bank Zrt., added, "We are happy to contribute to the success of Volta Energy Solutions Hungary by arranging a syndicate to finance its green investment in Hungary. RBI Group is a committed ESG partner of its clients and puts sustainability in front in its lending activity."
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