The European Investment Bank (EIB) has entered into a collaboration with Spanish electric utility company Endesa to support the growth of electric mobility in the country.

As agreed, EIB will provide Endesa with €35m in financing for the installation of 8,500 hybrid and electric vehicle charging points across Spain.

Endesa plans to deploy the first 2,000 charging points this year on the main motorway network and key urban areas. The move will provide the electric vehicle drivers with charging points every 100km.

The remaining charging points will be installed gradually by 2023.

An EIB study suggests that the project will create around 600 jobs during the implementation phase and an additional 40 permanent positions.

The expansion of the charging network will facilitate the transition to electric vehicles, which in turn will help in reducing carbon emissions. EIB estimates that the new charging points will help in reducing carbon dioxide emissions by 57,000t annually.

Endesa CEO José Bogas said: “Being supported by the EU climate bank guarantees the solidity of Endesa’s proposal to revitalise the country: the economy and the environment cannot be separated; economic growth must be sustainable.

“Consolidating Spain’s electric vehicle charging network while creating wealth and jobs and cutting emissions is a clear example of this vision.”

The European Commission’s European Green Deal aims to establish one million charging points in the EU by 2025. To achieve this, Spain needs to increase its charging station network to 120,000 units.

EIB vice-president Emma Navarro said: “The decarbonisation of transport is key to meeting our goal of achieving climate neutrality by 2050.

“This is why we are happy to join forces with Endesa to promote investment in infrastructure facilitating the use of electric vehicles while also contributing to the recovery of the Spanish economy, at an extraordinarily difficult time due to Covid-19.”