Spain’s Official Credit Institute (ICO) has granted a €150 million green loan to Cepsa in support of the development of e-mobility in Spain and Portugal.
Cepsa The ICO will provide half of the capital needed to complete the project that aims to implement electric chargers in both countries. The total investment of this initiative amounts to €300 million for the 2023-2026 period.
Through this investment, the company seeks to accelerate the transition to a more sustainable model, one of the goals of its Recovery, Transformation and Resilience Plan.
“ICO’s support is a boost to continue developing an extensive ultra-fast charging network at our service stations in Spain and Portugal, which encourages user demand by allowing them to make intercity trips in electric vehicles without the charging time delaying their journeys,” said Maarten Wetselaar, CEO of Cepsa, during the signing ceremony of the operation.
The ICO financing will enable the ultra-fast charging network developed by Cepsa to have 150 kW and 300 kW charging points located in all the main corridors and roads in Spain and Portugal.
Currently, the company has installed more than 130 ultra-fast charging points and is making progress in the development of another 330 to have this type of chargers in most of its stations by 2030.
