Electric vehicle (EV) company Rivian has announced its intention to raise approximately $15 billion in debt to support the construction of a new electric vehicle manufacturing plant in Georgia, according to a statement released on Monday.
As outlined in a securities filing, taxable bonds for this initiative will be issued by the Georgia Department of Economic Development and the Joint Development Authority of Jasper, Morgan, Newton, and Walton Counties. The agreement, dated November 9, stipulates that Rivian has committed to acquiring the bonds as they are issued.
In addition to the funding arrangement, Rivian has pledged to make minimum property tax payments totaling nearly $300 million through 2047. These payments are subject to increase should the automaker surpass its initial $5 billion investment commitment.
Rivian had previously announced its plans for the Georgia plant in 2021, with an anticipated commissioning date of 2024. The ambitious facility is projected to create employment opportunities for over 7,500 individuals and eventually achieve an annual production capacity of 400,000 vehicles.
This move aligns with Rivian's broader strategy to scale up production capabilities amid growing demand for electric vehicles. The company has garnered attention for its innovative approach in the EV market and is actively working towards expanding its manufacturing footprint to meet future market needs.