The European Investment Bank (EIB) is providing €35 million (£32m) to Endesa for the installation of charging stations for electric vehicles (EVs) across Spain.
The project, which will be implemented over the next four years, will see the roll out of 8,500 charging points for EVs and hybrid vehicles.
The initial 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 15,000km and towns and cities with more than 35,000 residents.
The project will support the EU’s goal of installing one million charging points in the EU by 2025.
Emma Navarro, EIB Vice President, who is responsible for the Bank’s climate action and operations in Spain said: “The decarbonisation of transport is key to meeting our goal of achieving climate neutrality by 2050.
“This is why we are happy to join forces with Endesa to promote investment in infrastructure facilitating the use of electric vehicles while also contributing to the recovery of the Spanish economy, at an extraordinarily difficult time due to COVID-19.
As the EU climate bank, the EIB will lend its full support to Spain by financing investments helping it to overcome this crisis and move towards a low carbon economy.”