Westpac supports Plenti to fund electric vehicles in Australia
27 January 2022
Westpac is proud to announce the completion of a A$250m structured auto facility to fund electric vehicles and related features such as recharge equipment for consumer fintech lender, Plenti.
Established in 2014, Plenti is an ASX listed (ASX: PLT) lender offering automotive, renewable energy and personal loans. Westpac is the senior debt funder and is joined by a third-party investor providing mezzanine finance.
The facility has been structured to provide efficient funding for electric vehicles, in support of Plenti’s ambition to offer the most competitive electric vehicle finance in the Australian retail auto market.
The growth of electric vehicle sales in Australia is on the rise, with sales in the first six months of 2021 being 26 per cent higher than in the whole of 2020.1
Craig Parker, Executive Director, Structured Finance, Westpac Institutional Bank, said: “The electric vehicle market in Australia is reaching a pivotal time and we are proud to partner with Plenti to develop a dedicated green Auto Finance programme which focuses on growing the adoption of electric vehicles in Australia.
“Westpac is committed to supporting our clients in responding to the challenges of climate change through innovative and sustainable financing solutions, and this transaction is another example of the bank’s commitment to be at the forefront of sustainable finance in Australia,” he said.
Daniel Foggo, CEO Plenti, said: “We’re delighted to have Westpac’s support as we scale our auto lending business and build a leading position in electric vehicle finance. Fast, flexible and good value finance has an important role to play in making the transition to electric vehicle ownership as easy as possible for Australian consumers.”
1 Australian Government, Department of Industry, Science, Energy & Resources, Future Fuels and Vehicle Strategy