Financing Secured: Rivian's $5 Billion EV Plant Ready for Construction in Georgia
State and local economic development officials have closed on the bonds issued to help finance the $5 billion Rivian electric vehicles plant to be built in Morgan and Walton counties.
Officials have also executed a rental agreement giving Rivian long-term rights to the project. When it was first announced late in 2021, the Rivian plant was the largest economic development project in Georgia history.
But it was superseded last year when Hyundai Motor Group broke ground on a $5.5 billion EV plant west of Savannah that has grown another $2 billion with this year’s announcement of an expansion of the project in partnership with LG Energy Solution.
Grading work will be completed at the Rivian site in the coming weeks, and construction will begin by early next year.