Lithium Americas Corp. announced on October 28, 2024, the closing of a $2.26 billion loan from the U.S. Department of Energy's (DOE) Loan Programs Office. This loan, provided under the Advanced Technology Vehicles Manufacturing (ATVM) Loan Program, is specifically for financing the construction of the processing facilities at the Thacker Pass project in Nevada.
The DOE Loan includes $1.97 billion in principal and an estimated $290 million in capitalized interest during construction, with a 24-year maturity and fixed interest rates. This funding significantly de-risks the project financing for Phase 1 of Thacker Pass.
The company expects to make the first draw on the DOE Loan in the middle of 2025, contingent on satisfying conditions such as closing the GM JV Transaction, funding DOE Loan reserve accounts through the GM LC Facility, and securing additional corporate working capital. This loan is essential for advancing Thacker Pass towards its anticipated Phase 1 production in 2027.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.