Charging station operator, Allego, has secured a EUR40m (US$45m) loan from the European Investment Bank (EIB).

The loan, backed by the European Fund for Strategic Investments (EFSI), will help the company expand its network of 12,000 charging points.

“I congratulate Allego on seizing the financing opportunity after having already secured grants under the Connecting Europe Facility, for the expansion of its networks of charging hubs,” said Transport Commissioner, Violeta Bulc.

“The shift towards low-emission mobility requires sustained investments, investments that match our ambitions, in order to develop solutions for electro-mobility in Europe.”

The European Investment Bank (ElB) is the long-term lending institution of the European Union owned by Member States. It makes long-term finance available for investment to contribute towards EU policy goals. 

Allego is a charging point operator with nearly 12,000 facilities and works in partnership with different sectors and industries.

The operator is developing, and will implement through a dedicated project finance structure, the pan-European MEGA-E (Metropolitan Greater Areas Electrified) project, which aims to deploy ultra-fast charging locations in at least ten European metropolitan areas.

The project was awarded EUR29m from the European Commission as part of the Connecting Europe Facility (CEF).