Iberdrola has signed a new loan with the Spanish lending institution Official Credit Institute (ICO) for €59.4 million (£54.3m) to support the installation of up to 2,500 new electric vehicle (EV) charging points in Spain and Portugal.
These new stations will be located on high-capacity roads in the two countries and close to the trans-European transport network.
The project forms part of the company’s electric mobility plan which aims to install 150,000 charging points in homes, companies and public roads in the next five years.
All these charging stations will be powered with 100% renewable energy.
The plan has also secured a €13 million (£11.8m) subsidy from the European Commission, which will finance the installation of 2,339 fast, super-fast and ultra-fast EV charging infrastructure in Spain and Portugal by 2023.