EIB invests €50M in Wenea; here’s how this deal will help boost long-distance, interurban electric mobility in Spain

According to the International Energy Agency, “Road vehicles – cars, trucks, buses and two- and three-wheelers – account for nearly three-quarters of transport CO2 emissions.” It claims that global transport emissions increased by less than 0.5 percent in 2019 when compared with 1.9 percent annually since 2000, thanks to the increased usage of biofuels, electrification, and efficiency improvements. However, transportation is still responsible for 24 percent of direct CO2 emissions from fuel combustion, as per the agency.

Therefore, scaling up the transition to electric vehicles is imperative to reduce emissions. However, the lack of sufficient EV charging points is one of the major hindrances to the adoption of EVs. To resolve this challenge, EIB (European Investment Bank) has invested in Spain’s Wenea.

470 fast-charging stations

The European Investment Bank (EIB) and Wenea, via Nordian CPO, a company owned by Diggia Group that provides services for electric vehicles, are joining forces to strengthen long-distance and interurban electric mobility in Spain. The EU bank will provide €50M to Wenea via Nordian CPO, enabling the Spanish company to carry out an investment of around €100 million to increase long-distance mobility in Spain.

Wenea will use the fund to deploy over 470 fast and ultra-fast charging stations for electric vehicles all over the country by the end of 2022. The charging infrastructure of 470 charging stations with a power of between 50kW and 150kW will let vehicles charge between 60 percent and 80 percent of their battery in just 20 minutes.

Also, a majority of the charging stations will be located along the Spanish motorways and major roads. It has been estimated that 25 percent of the charging stations will be deployed in less populated areas in Spain. Eventually, it will provide complete coverage to the drivers of electric vehicles.

The EIB financing is supported under the Future Mobility facility (FM, backed by the Connecting Europe Facility and the NER300 Programme of the European Commission).

NER300 aims at co-financing demonstration projects for environmentally safe carbon capture and storage (CCS) and innovative renewable energy (RES) technologies on a commercial scale. It is funded from the sale of 300 million allowances from the new entrants’ reserve (NER) of the EU ETS (European Union Emissions Trading System).

5 million EVs by 2030

The EIB financing contributes to the implementation of the Spanish National Integrated Energy and Climate Plan 2021-2030. It has a target of having five million electric cars as well as light-duty vehicles by 2030. Also, it will support future European and national decarbonisation plans.

The deployment of charging points will not only have major environmental benefits, it will also boost job creation in Spain. It is estimated that the project will reduce CO2 emissions by 31000 tonnes per and around 150 people will be employed to deploy over 470 charging stations in Spain.

EIB Vice-President Ricardo Mourinho Félix, says: “Transport is the second-largest source of global greenhouse gas emissions and, therefore, the decarbonisation of this sector is key to achieving climate neutrality by 2050. As the EU climate bank, we are delighted to back Wenea in this endeavour that will strengthen long-distance clean mobility and boost job creation in Spain, contributing to a sustainable and inclusive revival of the Spanish economy.”