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The
fundraising target, which would help Windrose build overseas
assembly plants to serve its clients in Europe and the United
States, was doubled in size from an originally planned $100
million, said the person.
Belgium's wealth funds SFPIM and PMV have already committed a
$50 million equity investment in Windrose, which is building a
plant to assemble heavy electric trucks in the European country
from 2025, the person added.
Citigroup would also offer Windrose $50 million in lending as
part of the company's fundraising efforts, said the person and
another source familiar with the matter. They both declined to
be named as the plan is not yet public.
Windrose, Belgium's SFPIM and Citi all declined to comment. PMV
did not respond to a query for comment.
The deal with SFPIM and PMV, if finalised, would mark the first
investment by European sovereign funds into a Chinese electric
vehicle company and comes as the European Commission has imposed
an extra tariff of up to 38% on EVs imported from China to
counter what it says are unfair state subsidies.
Windrose is also building a final assembly plant in Georgia in
the United States to serve U.S. buyers that have placed the
majority of its existing order book of 6,400 trucks, founder and
Chief Executive Han Wen told Reuters.
(Reporting by Zhang Yan in Shanghai and Selena Li in Hong Kong;
Additional reporting by Marine Strauss in Brussels; Editing by
Emelia Sithole-Matarise)
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