Iberdrola and BP will invest 1,000 million to deploy 11,700 fast charging points in Spain and Portugal

MADRID, 2 Mar.

Iberdrola and BP will invest 1,000 million to deploy 11,700 fast charging points in Spain and Portugal


Iberdrola and BP have signed a strategic alliance this Thursday through which they will invest 1,000 million euros in the deployment of a network of 11,700 fast and ultra-fast charging points for electric vehicles in Spain and Portugal, as reported by both companies in a joint statement.

Specifically, the agreement contemplates the installation and operation of 5,000 fast charging points in 2025, reaching nearly 12,000 points by 2030. To achieve this goal, the two companies will contribute their current and future fast charging points.

The signing of this alliance represents "a step forward" in the future 'joint venture' that both companies announced their intention to set up and which, once the necessary regulatory and competition approvals have been obtained, are expected to be set up in the second half of this anus.

Once approved, Iberdrola and BP will "significantly" expand the public rapid charging infrastructure for electric vehicles to accelerate the penetration of electric vehicles in Spain and Portugal, according to the Spanish company.

"This strategic alliance allows progress in the electrification of transport as a key element to reduce energy dependence on fossil fuels and increase energy efficiency. With this agreement, Iberdrola and BP contribute to accelerating the deployment of electric vehicles and generating industrial development in Spain" , stressed the Chairman of Iberdrola, Ignacio Sánchez Galán.

For his part, Bernard Looney, CEO of BP, has highlighted that agreements such as the one reached with Iberdrola "can help people and companies to decarbonise sooner". "By pooling our resources and expertise, we can deliver lower carbon mobility solutions at scale for our customers," he added.

Both companies are also collaborating to develop joint solutions for public and domestic charging in the UK.

Iberdrola has a public charging infrastructure in Spain and Portugal with more than 3,500 operating points and many others under development, which use renewable energy to achieve the decarbonisation of transport, serving more than 100,000 users.

For its part, BP's goal is to rapidly expand its EV charging points globally and continue to invest in fast and ultra-fast charging infrastructure. BP's European network has more than 10,000 charging points, mainly in the UK and Germany.

This alliance will make it possible to use part of the BP service station network as electric vehicle recharging hubs in Spain and Portugal. "In this way, electric vehicle drivers will be able to charge at secure service stations, with access to additional convenience services," both companies have highlighted.