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August 3, 2020

EIB provides EUR35m to Endesa for Spain charging

Endesa has secured EUR35m (US$41m) in financing from the European Investment Bank (EIB) for the installation of electric charging stations across Spain.

By Rhodri Morgan

Endesa has secured EUR35m (US$41m) in financing from the European Investment Bank (EIB) for the installation of electric charging stations across Spain.

The project, which will be implemented during the next four years, will make it possible to roll out a total of 8,500 charging points for hybrid or electric vehicles.

The first 2,000 charging points will be installed this year on the main motorway network and in Spain’s principal urban areas, with the aim of covering 15,000 km and towns and cities with more than 35,000 residents. This will provide electric vehicle drivers with charging points every 100km and charging infrastructure in the country’s main towns and cities.

The remainder of the stations will be installed gradually in the next three years until 2023, reaching 8,500 publicly accessible charging points. All of these will be on roads or in public car parks with open access for drivers.   

The EIB financing will help to speed up the transition to electric mobility in Europe and to meet the goal of having 1m charging points in the EU by 2025, as outlined in the European Commission’s European Green Deal.

To achieve this, several studies indicate Spain will need to expand its network of charging stations from the current 9,000 to more than 120,000.

The project will help cut road transport emissions and meet the goals of the European Green Deal and Paris Agreement, which state emissions produced by this kind of transport must fall by 90% by 2050. According to the Bank’s estimates, once they have been installed, the new electric charging points will prevent the emission of 57,000 tonnes of CO2 a year.

EIB studies indicate the Endesa project will enable the creation of almost 600 jobs during the implementation phase and a further 40 permanent positions.

“Being supported by the EU climate bank guarantees the solidity of Endesa’s proposal to revitalise the country: the economy and the environment cannot be separated; economic growth must be sustainable,” said Endesa CEO, José Bogas.

“Consolidating Spain’s electric vehicle charging network while creating wealth and jobs and cutting emissions is a clear example of this vision.”

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