Clifford Chance Acted on €4.4 Billion Deal for European Battery Giant ACC
Global law firm Clifford Chance has advised the lenders and the export credit agencies in a €4.4 billion debt raise for three
Clifford Chance Acted on €4.4 Billion Deal for European Battery Giant ACCGlobal law firm Clifford Chance has advised the lenders and the export credit agencies in a €4.4 billion debt raise for three lithium-ion battery cell production gigafactories. The European automotive battery manufacturer, Automotive Cells Company (ACC), co-owned by Stellantis, Mercedes and Saft (a wholly...
Clifford Chance Acted on €4.4 Billion Deal for European Battery Giant ACC
Global law firm Clifford Chance has advised the lenders and the export credit agencies in a €4.4 billion debt raise for three lithium-ion battery cell production gigafactories.
The European automotive battery manufacturer, Automotive Cells Company (ACC), co-owned by Stellantis, Mercedes and Saft (a wholly owned subsidiary of TotalEnergies), will utilise the substantial fund to construct gigafactories across France, Germany, and Italy, and for research and development. Notably, this debt raise stands as one of Europe’s largest-ever in the automotive industry.
The strategic move aims to accelerate ACC’s development and solidify its position as a key player in the battery industry, particularly for equipping high-performance, low-carbon electric vehicles.
Following the grand opening of its inaugural gigafactory in Billy-Berclau Douvrin, France, in May 2023, ACC promptly commenced production in December of the same year.
The successful financing of this ambitious project signifies a critical milestone for further industrial advancements, driven by the imminent launch of the second production line at the French site. This development precedes the groundbreaking for ACC’s gigafactories in Germany and Italy.
By 2030, ACC’s production capacity is projected to reach 120 GWh, spanning three countries and yielding an annual production of two million batteries.
The financing arrangement enjoys full underwriting by a consortium of commercial banks, including BNP Paribas, Deutsche Bank, ING and Intesa Sanpaolo. Additionally, it benefits from partial backing by European export credit agencies, namely Bpifrance, Euler Hermes, and SACE.
The legal advisory team, led by Daniel Zerbib, partner at Clifford Chance, provided cross-practice and multi-jurisdictional support to both the lenders (BNP Paribas, Deutsche Bank, ING, and Intesa Sanpaolo) and the export credit agencies (Bpifrance, Euler Hermes, and SACE). The team included Gauthier Martin, partner; Fabien Jacquemard, counsel; and associates Nina Yoshida, Ophélie Han Fing and Benoît Offe, associates in Paris. Partners Russell Wells and Edward Bretherton, along with director Massimo Amoruso, contributed to this collaborative effort.
Other members of the team included Ope Osinubi and Amber Miller, senior associates, and Thomas Hobbs Martin, associate, in London; Florian Mahler, partner, Nicolas Cookson and Bahar Rahimyar, counsel, Birte Huller, senior associate, and Giuseppe Chiaula, associate, in Germany; as well as Chiara Commis and Filippo Tassoni, counsel, Giovanni Fierro, associate, and Gabriele Costanzo Piccinino, trainee lawyer, in Italy.