The European Investment Bank (EIB) has issued €50 million ($61.6 million) in funding for the installation of electric vehicle (EV) charging infrastructure in Spain.
EV service provider Wenea, via Nordian CPO, will use the funding to deploy over 470 fast and ultra-fast EV chargers across Spain by the end of 2022.
The whole project will cost €100 million ($123.3 million) and is designed to increase the use of EVs for long-distance travelling in Spain.
The EV chargers will be located along Spanish motorways including those of the Trans-European Transport Network (TEN-T).
An estimated 25% of the EV chargers will be deployed in less populated areas of Spain (cohesion regions).
The chargers will have kilowatt (kW) power of between 50kW and 150kW, enabling vehicles to charge between 60% and 80% of their battery in 20 minutes.
The project will contribute to reducing CO2 emissions by 31 000 tonnes a year and is financed under the Future Mobility project, which is backed by the Connecting Europe Facility (CEF) and the NER300 Programme of the European Commission.
Around 150 people will be contracted to deploy the EV chargers.
The project contributes to the implementation of the Spanish National Integrated Energy and Climate Plan 2021-2030 (PNIEC), which sets the ambitious target of having five million EVs on the market by 2030.
EIB vice-president, Ricardo Mourinho Felix, who is responsible for the Bank’s operations in Spain, said: “Transport is the second-largest source of global greenhouse gas emissions and, therefore, the decarbonisation of this sector is key to achieving climate neutrality by 2050. A lack of EV charging points is one of the major deterrents to the adoption of electric vehicles. This is why, as the EU climate bank, we are delighted to back Wenea in this endeavour that will strengthen long-distance clean mobility and boost job creation in Spain, contributing to a sustainable and inclusive revival of the Spanish economy.”
Adina Vălean, European commissioner for transport, added: “This loan will support our European Green Deal and Sustainable and Smart Mobility Strategy objective of deploying one million alternative fuel charging points by 2025. To accelerate the transition towards smart and sustainable transport, we need the alternative fuel market to reach scale, and I am happy that we are able to support Project Everest’s contribution towards this.”