EASY CHARGER SPAIN (FM)

Promoter – Financial Intermediary

GRUPO EASYCHARGER SA

Location

• Spain

Description

The project will finance an Electrical Vehicle (EV) interurban charging network, consisting of fast and super fast chargers located in the Spanish highways and major roads network (mostly Trans-European Networks - TEN-T), thus contributing to accelerate the EV adoption curve.

Additionality and Impact

The project contributes to the EIB's objective of sustainable transport, decarbonisation and the development of Trans-European Transport Network ("TEN-T) infrastructure, thereby supporting EU policy objectives. The project is fully aligned with the European Commission sustainable transport and low-emission mobility policies.

Road vehicles account for three quarters of all transport emissions, and it will not be possible to reach the EU target of carbon neutrality by 2050 without a fundamental shift to electromobility in the roads sector. However, less than 1% of the road fleet is currently electrically powered and the lack of a comprehensive network of Electric Vehicle Charging Points is a significant factor in this market failure.

Electrification of road transport generates positive externalities from reductions in emissions. The project tackles the 'first-mover' penalty resulting from the interdependency between the market for Electric Vehicles and completion of a comprehensive charging infrastructure network. The project will contribute:

1. to reducing the negative environmental externalities of road transport and

2. to developing the market for the deployment of alternative fuel vehicles and associated infrastructure.

The EIB contribution makes a difference to the borrower as it will partially finance the deployment of the infrastructure, providing a fixed rate financing for a long tenor not easy available in the market. The Borrower also benefits from the possibility of blending EIB's financing with the alternative fuel facility offered by the European Commission.

Objectives

The project will accelerate the electrification of road transport in Spain and thus prevent the emission of more than 0.9million tn of CO2 for the period 2022-2031. It will therefore contribute to achieve EU policy objectives, such as decarbonisation, sustainable transport and TEN-T infrastructure development, in line with the European Commission's sustainable transport and low-emission mobility policies.

Sector(s)

• Transport - Transportation and storage

Proposed EIB finance (Approximate amount)

EUR 40 million

Total cost (Approximate amount)

EUR 126 million

Environmental aspects

The connections between the EV charging stations and the medium and low voltage power grid may fall under Annex II of the Directive 2014/52/EU amending the Directive 2011/92/EU on the assessment of the effects of certain public and private projects on environment impact assessment (EIA) directive. The EIB will require in those cases to be informed of the screening decision issued by the Competent Authority.

Procurement

The Borrower has been assessed by the EIB as being a private company and hence not being subject to EU rules on public procurement or concessions.

Status

Signed - 23/12/2022