The European Investment Bank (EIB) has recently inked a €40 million loan agreement with Eldrive Holding GmbH, a company registered in Austria. The funding is designated for the installation of 8,472 electric vehicle (EV) charging stations across Bulgaria, Lithuania, and Romania over the next three years. This ambitious initiative aligns with the EU Green Deal objectives for sustainable transport and decarbonization, promoting clean mobility in the region.
Underpinned by the InvestEU programme, aimed at generating over €372 billion in additional investment between 2021 and 2027, this agreement emphasizes the pivotal role of financial support in advancing EU policy priorities. These priorities include the green transition, competitiveness, innovation, and sustainable infrastructure.
With the backing of InvestEU and EIB's financial support, Eldrive Holding is set to invest approximately €146 million to roll out 4,376 new EV charging stations in Romania, 2,575 in Lithuania, and 1,530 in Bulgaria. This substantial investment aims to expedite the deployment of essential infrastructure, fostering the development of clean transport and contributing to the transition to climate neutrality in the three countries.
The project addresses the challenge of low market penetration of electric vehicles and charging points in Bulgaria, Lithuania, and Romania. Furthermore, it aligns with the EU Green Deal's objective of deploying one million public EV chargers and alternative fuel stations across the 27 Member States by 2025. The establishment of comprehensive EV charging networks is expected to accelerate the shift to electric vehicles, ultimately reducing greenhouse gas emissions and air pollution in urban areas of the three countries.
EIB Vice-President Kyriacos Kakouris highlighted the project's significance, emphasizing that the transport sector is a major contributor to greenhouse gas emissions. The transition to e-mobility, supported by robust infrastructure, plays a crucial role in mitigating emissions and air pollution. Kakouris expressed satisfaction that the EIB, as the EU's climate bank, is contributing to the modernization of transport infrastructure in Bulgaria, Lithuania, and Romania.
Eldrive Holding, led by Bulgarian investors, already operates over 1,200 EV charging points in the three countries. This venture falls within the sectors eligible for additional support under the EIB's special initiative for REPowerEU, an EU plan aimed at reducing Europe's reliance on fossil fuel imports. The EIB has committed an additional €45 billion in financing, supplementing its regular lending volumes, for projects aligned with the goals of REPowerEU.
CEO Stefan Spassov of Eldrive expressed the significance of securing the EIB's trust as a substantial milestone for the company. He emphasized that this partnership with the EIB will accelerate the expansion of their network, positioning Eldrive as a leading charging point operator in Europe.
Frimu Ghinea
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