Personal loan provider Plenti has secured a $250 million debt facility with Westpac to underpin its expansion into the financing of electric vehicle purchases.
Plenti has sought to position itself as one of Australia’s largest lenders of small loans to those looking to finance the purchase of rooftop solar, battery storage and now electric vehicles.
CEO Daniel Foggo said the partnership with Westpac would help establish the company as a leading finance provider in the electric vehicle market, eyeing the strong year-on-year growth in EV sales.
“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,” Foggo said.
Plenti will offer loans for the purchase of vehicles, as well as the installation of supporting charging infrastructure.
Westpac executive director for structured finance, Craig Parker, said the funding arrangement was part of the bank’s strategy for capitalising on the surging market for electric vehicles.
“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 program, which focuses on growing the adoption of electric vehicles in Australia,” Parker said.
Plenti – previously known as RateSetter – is already active in providing loans for solar and battery storage installations.The company received seed investment from the Clean Energy Finance Corporation to establish its ‘Green Loan Marketplace’, and later expanded the offer to South Australian households through the state’s Home Battery Scheme, and was selected as the loan provider for the NSW government’s Empowering Homes program.
Michael Mazengarb is a journalist with RenewEconomy, based in Sydney. Before joining RenewEconomy, Michael worked in the renewable energy sector for more than a decade.