Signature(s)
Summary sheet
The project supports the deployment of an electric vehicle charging network in the Baltics and Central and Eastern European countries.
The aim is to accelerate the electrification of the road transport sector and is aligned with the EC's comprehensive framework of policies to reduce greenhouse gas emissions including the Sustainable and Smart Mobility Strategy (December 2020) and the EU Green Deal (November 2021). The project also contributes to EIB's objectives for Sustainable Transport (100%) and Climate Action (100%). Being located in Poland, Estonia, Latvia, Lithuania, Croatia Slovenia, Austria, Slovakia and Czechia, it also supports cohesion (70%). Additionally, it is aligned with the EIB Group Climate Bank Roadmap and new Transport Lending Policy, as well as the Strategic Priorities (Climate, Cohesion, CMU by creating level playing field). The operation falls under the eligible policy area described in Article 5 heading 1.1.2 Future Mobility of the Green Transition Schedule A.2.1 of the EIB InvestEU Guarantee Agreement, as it covers high-risk deployment of recharging and refuelling infrastructure supplying electricity.
The Project is in line with the InvestEU objective of Mobility: Alternative fuels infrastructure for all modes of transport, including electric charging infrastructure as per the Annex II of InvestEU Regulation.
The Project concerns deployment of electric vehicle (EV) charging network for light duty vehicles (LDVs) across Central and Eastern Europe. The project is eligible under Article 309 (a) projects for developing less-developed regions and (c) common interest (Transport). The Project contributes to the Bank's Climate Action and Environmental Sustainability policy objectives.
The Project addresses the market failures associated with (i) positive externalities of electrification in road transport by reducing emissions, and (ii) network effects due to the interdependency between the market for electric EVs and investment in recharging infrastructure.
The financing provided by the EIB in the form of venture debt is crucial and innovative for the Company. This will ultimately lead to crowding in of third party funds, thus enabling the Company to accelerate the implementation of its investment plan.
The Project would not have been carried out (to the same extent) by the EIB without the InvestEU support.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.
Final beneficiaries will be requested to comply with applicable national and EU legislation, as appropriate.