ANZ to lend Hyundai-LG Energy JV $711 mln to make EV batteries

The logo of the ANZ Banking Group is displayed in the window of a branch in central Sydney, Australia, Aprl 30, 2016. REUTERS/David Gray/Register now for FREE unlimited access to Reuters.comRegisterSept 2 (Reuters) – Australia and New Zealand Banking Group (ANZ.AX) has set up a $711-million lending facility for a joint venture between Hyundai Motor (005380.KS) and LG Energy Solution (373220.KS) that makes batteries for electric vehicles (EV) in Indonesia.ANZ said on Friday the lending facility for the joint venture HLI Green Power is a 10-year Korea Trade Insurance Corporation (K-Sure) backed Term Loan Facility.South Korea’s LG Energy and Hyundai began constructing their Indonesia-based $1.1 billion EV battery making facility last year, seeking to tap the nation’s rich nickel reserves amid surging demand for cleaner fuel sources. read more There’s particular interest in Indonesia…

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