Rivian to raise nearly $15 billion in debt for EV plant in Georgia

(Reuters) – Rivian (NASDAQ:) Automotive plans to raise nearly $15 billion in debt to help build an electric vehicle manufacturing plant in Georgia, the EV maker said on Monday.

The taxable bonds would be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties, according to an agreement on Nov. 9, it said in a securities filing, adding that Rivian has agreed to purchase bonds as they are issued.

The company has agreed to pay a minimum of nearly $300 million in property tax payments through 2047. The payments would increase if the carmaker exceeds its $5 billion investment.

Rivian had said in 2021 that it plans to set up the Georgia plant and had said at the time that it would be commissioned by 2024. The new plant will employ more than 7,500 people and eventually build 400,000 vehicles a year.