New Energy Vehicles

17 Sep 2020

Iberdrola Signs Green Loan with ICO to Finance the Installation of 2,500 Public Charging Points in Spain and Portugal

17 Sep 2020  by EV Wind   

The roll-out of the electric vehicle charging infrastructure by the company will reach 150,000 chargers over the next five years.

Its mobility electrification plan also has the support of the European Commission via CEF Transport Blending Facility funds.

ICO, an implementing partner of the CEF programme, helps Spanish companies to secure finance for projects that will contribute to environmental sustainability and the efficiency of the transport industry.

Iberdrola has signed a new green loan with the Official Credit Institute (ICO) for €59.4 million to speed up the roll-out of its sustainable mobility plan, which aims to install 150,000 charging points in homes, companies and public roads over the next five years, in line with its green recovery strategy. In this case, the funding will allow Iberdrola to strengthen its roadside charging network in Spain and Portugal with up to 2,500 new points.

The funding signed with ICO, with nine-year maturity, is the fourth green loan that the Institute has granted to the Spanish company to bolster the production and the use of energy from renewable, non-polluting sources. As part of its sustainable mobility plan, electric vehicle users who charge their vehicles at Iberdrola points will do so with 100% clean energy that comes with a Guarantee of Origin (GdO) certificate. They can also count on a green certificate from G-Advisory External link, opens in new window., which has issued its second party opinion.

The Iberdrola electric mobility plan, aligned with its green recovery strategy, also has the support of the European Commission in the form of a €13 million subsidy, granted to the company by the Innovation and Networks Executive Agency (INEA) as part of the CEF Transport Blending Facility call, which will help to finance the installation of 2,339 fast, super-fast and ultra-fast electric vehicle charging 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).

The ICO has the status of an Implementing Partner in the CEF programme, with the aim of providing easier access by Spanish companies to European Union initiatives of this type. Specifically, this time it has prompted blending operations, i.e., operations that combine the use of the CEF subsidy mechanism with a loan component from one of the approved bodies in this programme, such as the ICO.

Proposals sponsored by the approved bodies as part of the CEF programme have the express approval of the central government in the EU member state of the applicant institutions or companies. In Spain, this approval corresponds to the Ministry of Transport, Mobility and Urban Agenda (MITMA).

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