Repsol takes out two loans with ICO for an amount of 40.7 million euros to promote the plan to install electric charging points in Spain and Portugal
08 November 2021
- This project is part of the multi-energy company's goal to reach 1,000 public charging points by the end of 2022, one every 50 kilometres on the main road corridors of the Iberian Peninsula, and to be a carbon-neutral company by 2050.
- Repsol's total investment of 42.5 million euros to further strengthen its commitment to electric mobility is complemented by a grant of 5 million euros from the European Union's Connecting Europe Facility (CEF) initiative.
- As an Implementing Partner of the CEF programme, ICO promotes Spanish companies’ access to this initiative to promote projects that contribute to boosting the energy transition by increasing the efficiency of the transport sector.
The Instituto de Crédito Oficial (ICO) has participated in two financing operations related to this Repsol project for a total amount of 40.7 million Euros to support the installation of 610 fast and ultra-fast charging points in the network of service stations that the multi-energy company has in the Iberian Peninsula.
Repsol will invest 42.5 million euros in this project, which is part of the multi-energy company's goal to reach 1,000 public charging points by the end of 2022, one every 50 kilometres on the main road corridors of the Iberian Peninsula, and to be a carbon-neutral company by 2050.
The 610 electric charging points (18 ultra-fast and 592 fast) financed with these operations will be installed before the end of 2023 and will be located in 577 Repsol service stations in Spain and 33 in Portugal, along the Mediterranean and Atlantic corridors. The installed power at the fast and ultra-fast charging points will be 50 kW and 180 kW, respectively. All Repsol electric charging points are guaranteed to supply 100% renewable energy.
Currently, Repsol's public charging network is one of the most important infrastructures of this type in Spain and Portugal. With more than 350 points, including 70 fast charging points, most of which are located at service stations, the multi-energy company is the leader in fast charging at service stations in the country.
The first charging station for electric vehicles in Spain that incorporates energy storage using second-life batteries is also part of this network, located along the N-1 national road as it passes through the Guipuzcoan town of Tolosa, as well as the first two ultra-fast charging points in the Iberian Peninsula, installed in 2019 at the Lopidana (Álava) and Ugaldebieta (Vizcaya) service stations.
Repsol has also applied for state aid to access the MOVES III incentive scheme for the installation of charging points with the aim of consolidating its multi-energy offer in sustainable mobility.
This operation has been carried out within the framework of the European Union's Connecting Europe Facility initiative, in which ICO acts - in collaboration with the Ministry of Transport, Mobility and Urban Agenda - as an Implementing Partner
for channelling Spanish companies' projects that contribute to boosting the energy transition by increasing transport efficiency.
CEF TBF Program
The CEF Transport Blending Facility, as part of the CEF Connecting Europe Facility, encourages the participation of private sector investors and financial institutions in projects that contribute to the environmental sustainability and efficiency of the transport sector in Europe.
ICO, as Implementing Partner (IP) of the European Commission, studies and contributes to the search for eligible projects and provides financing for the projects, thus completing the blending operation, which consists in combining the CEF grant and/or financial instruments from the European Union budget with the long-term financing of the projects, through loans, equity or any form of repayable support.
During this time, ICO has managed 10 project applications with a total investment of 247 million euros, associated ICO financing of 173 million euros and a combined CEF grant amount of 35 million euros.
Repsol is a global multi-energy company leading the way in the energy transition and has set itself the goal of having zero net emissions by 2050. It is present throughout the energy value chain, employs 24,000 people, distributes its products in nearly 100 countries to 24 million customers.
It can meet any of its customers' mobility and energy needs, with a customer-centric offer. It is at the forefront of the development of sustainable mobility solutions, with increasingly efficient fuels, electric recharging, biofuels, and AutoGas (vehicular natural gas). It is also a major player in the electricity and gas market, with 1.2 million customers. It expects to end the year with a total installed capacity of 1.7 GW in renewable electricity generation assets.
About the Instituto de Crédito Oficial (ICO):
The Instituto de Crédito Oficial (Official Credit Institute - ICO) is a corporate state-owned entity attached to the Ministry of Economic Affairs and Digital Transformation. ICO has become a benchmark in the financing of both SMEs and large investment projects. ICO contributes to sustainable growth, promoting those economic activities that, due to their social, cultural, innovative or environmental importance, deserve promotion and development. www.ico.es