Sidley advised Faraday Future Intelligent Electric Inc. in connection with its purchase and simultaneous sale leaseback of its Hanford, CA, electric vehicle manufacturing facility. The transaction, which did not require Faraday to sell any of its PP&E or other assets, is expected to provide Faraday with the capital to complete its plant improvements and infrastructure enhancements supporting vehicle production ramp-up. The facility is a one-million-square-foot facility that will have the capacity to produce approximately 10,000 vehicles per year when completed.
The Sidley team was led by Keith Hayden Del Prete with assistance from Elizabeth McCloy and Jonathan Koh.
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