Iberdrola and bp to invest €1bn in EV charging infrastructure in Spain
The companies plan a joint investment of €1 billion in 11,700 fast charging points, expanding electric mobility infrastructure in Spain and Portugal.
Iberdrola and bp signed a strategic alliance to accelerate the energy transition to sustainable mobility.
The companies, which announced their intention to form a joint venture in July 2022, plan to invest €1 billion to deploy a network of 11,700 fast and ultra-fast charging points in Spain and Portugal. The signing of this strategic alliance is a step towards the future formation of the joint venture, subject to the necessary regulatory and competition approvals and expected in the second half of 2023.
Once approved, the joint venture will enable Iberdrola and bp to significantly expand the infrastructure for fast public charging of electric vehicles.
The Chairman of Iberdrola, Ignacio Galán, stated that "this strategic alliance enables progress to be made in the electrification of transport as a key element in reducing energy dependence on fossil fuels and increasing energy efficiency. Iberdrola and bp contribute with this agreement to accelerate the deployment of electric vehicles and generate industrial development in Spain".
This agreement envisages the installation and operation of 5,000 fast charging points by 2025, with a total of around 11,700 points by 2030.
The joint venture will use part of bp's extensive network of service stations as electric vehicle charging hubs in Spain and Portugal.
