Banc Sabadell contributes 10 million to guarantees to save the Nissan hub

Banc Sabadell joined CaixaBank yesterday in the attempt to save Nissan's electromobility hub project with the commitment to provide a guarantee of 10 million euros.

NewsEditor
NewsEditor
23 November 2022 Wednesday 18:36
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Banc Sabadell contributes 10 million to guarantees to save the Nissan hub

Banc Sabadell joined CaixaBank yesterday in the attempt to save Nissan's electromobility hub project with the commitment to provide a guarantee of 10 million euros. The term to present the necessary guarantees to unblock the aid of 107.8 million from Perte granted by the Government ends next Monday, the 28th.

On Monday, CaixaBank gave its support to the project, to which Sabadell joined yesterday. It is expected that other entities will also commit their participation in the next few hours in addition to Avalis, dependent on the ICF, which can only contribute four million. In the case of private banks, it is expected that the guarantees provided will in turn be counter-guaranteed by the ICF. In the first instance, the central government rejected that the ICF was the first guarantor since it does not have a bank record and considered that it would mean a concentration of public aid, between subsidies and guarantees that Brussels would not accept.

Previously, the promoters of the hub had already reached an agreement with the Andorran entity Anbank, which could guarantee around 30 million.

Sources from the hub led by QEV Technologies and BTech pointed out that the talks continue at a good pace although they cannot yet be considered closed.

The aid assigned to the D-Hub, which amounts to the aforementioned 107.8 million, is the third project in volume of those approved under the Perte of the electric vehicle, behind Volkswagen-Seat and Mercedes. The hub project initially plans to create more than 7,000 jobs, of which a thousand will be direct, with an activity that includes the manufacture of electric commercial vehicles and which is expected to start at the end of 2023.

The hub needs to present guarantees for around 80 million euros, according to sources close to the promoters of the project. It is somewhat less than what the Perte has assigned in principle between direct subsidies and loans, because it is possible that some of the investments that accompany the QEV and Btech manufacturing project could be postponed until they see how the business evolves, according to the same sources. . There are a total of 17 companies, mostly SMEs.

The group foresees initial investments of 300 million. It also has an agreement with the Australian real estate logistics group Goodman.

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