© Reuters. The Rivian identify and brand are proven on certainly one of their new electrical SUV automobiles in San Diego, U.S., December 16, 2022. REUTERS/Mike Blake
(Reuters) – Rivian (NASDAQ:) Automotive plans to boost almost $15 billion in debt to assist construct an electrical car manufacturing plant in Georgia, the EV maker mentioned on Monday.
The taxable bonds could be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton and Walton Counties, in keeping with an settlement on Nov. 9, it mentioned in a securities submitting, including that Rivian has agreed to buy bonds as they’re issued.
The firm has agreed to pay a minimal of almost $300 million in property tax funds by means of 2047. The funds would enhance if the carmaker exceeds its $5 billion funding.
Rivian had mentioned in 2021 that it plans to arrange the Georgia plant and had mentioned on the time that it could be commissioned by 2024. The new plant will make use of greater than 7,500 individuals and finally construct 400,000 automobiles a yr.