The European Bank for Reconstruction and Development (EBRD) has said it was making an equity investment of EUR15m (US$16.2m) in Eldrive Holding, an electric vehicle charging (EVC) station operator controlled by Bulgarian investors, to support infrastructure expansion in Bulgaria, Lithuania and Romania.

By 2028, Eldrive plans to install 7,400 new EVC stations, adding to the 900 it already operates across the three countries, the EBRD said in a press release cited by SeeNews.com.

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The report said EBRD’s investment would be made alongside Eldrive’s owner, clean energy and e-mobility investor Renalfa Solarpro Group, during the first phase of development. Additionally, the European Investment Bank (EIB) was providing the company with a EUR40m venture debt facility.

“This is the EBRD’s first equity investment in a charging point operator (CPO) and we are pleased to support Eldrive’s expansion plans in Bulgaria, Lithuania and Romania. We hope this investment will pave the way for many other EV infrastructure investments across the region and help speed up the decarbonisation of the transport sector in Europe,” EBRD director for infrastructure in Europe, the Middle East and Africa, Sue Barrett, said.

Last January, the EIB said that Eldrive Holding planned to invest EUR146m to install 4,376 new EVC stations in Romania, 1,530 in Bulgaria and 2,575 in Lithuania over the next three years. The initiative supported the EU’s commitment to decarbonisation, aligning with the EU Green Deal objective of having 1m public EVC stations across the 27 member states by 2025 and 3m by 2030.

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Last month, Eldrive announced plans to build large EVC parks at its locations in Lithuania, Bulgaria and Romania, with the first site already under construction in Lithuania.

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Bulgarian founded, Austria based Renalfa Solarpro Group is currently developing solar and wind power projects with a total capacity of 3GW in Bulgaria, Hungary, North Macedonia, Poland and Romania, SeeNews.com said.