Enel X Mobility will receive a €115m loan from the European Investment Bank (EIB) to finance approximately 14,000 new charging stations for electric vehicles (EVs).

The EV charging stations will be installed throughout Italy over the next five years until 2022.

Enel X is the business line of Italian integrated electricity and gas distribution company Enel Group.

Enel Group CEO Francesco Starace said: “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.”

“Enel X is committed to boosting the development of electric mobility in Italy through its National Programme by installing 7,000 charging points by 2020.”

EIB financing will cover 50% of the total investment cost.

Enel X Mobility will get a ten-year EIB loan guaranteed by Enel Spa, with €50m of the total already being finalised.

The project will support some of the EIB’s main goals, including fighting climate change, as well as promoting innovation and sustainable mobility.

EIB vice-president Dario Scannapieco said: “Our cooperation with Enel is longstanding. The EIB shares with Enel the great attention to the environment and to the impact on people’s lives and on SMEs.

“After the modernisation of power plants and our €1bn loan to finance 41 million new digital metres, we are now particularly pleased to support this project: electric cars will help improve people’s lives by reducing air pollution and noise.”

Enel X is committed to boosting the development of electric mobility in Italy through its National Programme by installing 7,000 EV charging stations by 2020. This is expected to double to 14,000 by the end of 2022, with a total investment of almost €300m.