Official Credit Institute iberdrola

Spanish multinational utility Iberdrola has secured a €59.4 million ($69.8 million) green loan from the Official Credit Institute to speed up the roll-out of its sustainable mobility plan.

The utility will use the loan to strengthen its roadside charging network in Spain and Portugal with up to 2,500 new points in Spain and Portugal by 2023.

These new stations will be located on high-capacity roads in the two countries and close to the trans-European transport network (TEN-T).

Iberdrola’s e-mobility plan comprises the installation of 150,000 electric vehicle (EV) charging points in homes, companies and public roads over the next five years.

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Iberdrola’s plan is aligned with its green recovery strategy and has the support of the European Commission in the form of a €13 million ($15.2 million) subsidy, granted to the company by the Innovation and Networks Executive Agency (INEA) as part of the CEF Transport Blending Facility call.

The Official Credit Institute is an implementing partner of the CEF programme.

CEF will help to finance the installation of the fast, super-fast and ultra-fast EV charging points in Spain and Portugal by 2023.

Iberdrola’s unveiled that the sustainable mobility plan requires an investment of €150 million ($176.3 million).

The EV chargers will include ultra-fast (350 kW) charging points every 200 kilometres, super-fast ones (150 kW) every 100 kilometres, and fast (50 kW) charging points every 50 kilometres.

The energy provider has to date completed more than 40 infrastructure roll-out agreements with government departments, institutions, companies, service stations, dealers and electric vehicle manufacturers.

Iberdrola recently subscribed to The Climate Group‘s EV100 initiative, with the aim of accelerating the transition towards electric vehicles with a commitment to electrifying its entire fleet of vehicles and allowing its staff to charge their vehicles at its businesses in Spain and the United Kingdom by 2030.