Renewable

July 30 (Renewables Now) - The European Investment Bank (EIB) has agreed to lend EUR 115 million (USD 134m) to Enel SpA (BIT:ENEL) so it could finance the installation of around 14,000 new electric vehicle (EV) charging stations in Italy over the next five years.

The 10-year loan will be provided to Enel’s subsidiary Enel X Mobility and will cover roughly 50% of the business’ total investment in this project. Some EUR 50 million as part of the loan have already been finalised, according to the announcement.

Enel X Mobility seeks to install around 7,000 EV charging points by 2020 and then double that to 14,000 by the end of 2022. The total investment is estimated at approximately EUR 300 million.

The Italian group noted that its charging network will include Quick (22 kW) stations in urban areas as well as Fast (50 kW) and Ultra Fast (over 150 kW) stations for fast recharging in extra-urban areas. More than 60% of the charging points will be deployed in large metropolitan areas and other cities, it added.

“We will build a widespread and technologically advanced infrastructure, which will help increase the number of electric cars on the road in Italy and will significantly benefit the environment, the economic system, businesses and citizens, improving their daily lives, as well as travel and consumption habits,” said Enel CEO Francesco Starace.

(EUR 1.0 = USD 1.168)