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EIB Supports Endesa to Install 8 500 Electric Vehicle Charging Points in Spain

Auto News - Published on Fri, 31 Jul 2020

Image Source: EIB Endesa EV Charging
The European Investment Bank and Endesa are joining forces to promote electric mobility in Spain. To this end, the EU bank will provide the Spanish company with EUR 35 million in financing for the installation of electric charging stations across the entire country. The project, which will be implemented over 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 over 35 000 residents. This will provide electric vehicle drivers with charging points every 100 km and charging infrastructure in the country's main towns and cities. The remainder of the stations will be installed gradually over 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 1 million charging points in the EU by 2025, as outlined in the European Commission's European Green Deal. To achieve this, several studies indicate that Spain will need to expand its network of charging stations from the current 9 000 to more than 120 000.

The project will help to cut polluting road transport emissions and to meet the goals of the European Green Deal and Paris Agreement, which state that emissions produced by this kind of transport must fall by 90% by 2050. According 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.

Together with the environmental benefits, these investments will drive the electric vehicle industry and have a positive impact on job creation at a critical time due to the COVID-19 economic crisis. In concrete terms, EIB studies indicate that the Endesa project will enable the creation of almost 600 jobs during the implementation phase and a further 40 permanent positions.

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Posted By : Yogender Pancholi on Fri, 31 Jul 2020
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