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The EU Commission has approved a joint venture (JV) between BP and Iberdrola, worth EUR1 billion (USD1.06 billion). It aims to expand infrastructure for fast charging across Spain and Portugal. This approval follows an initial announcement in July 2022, and then the signing of a strategic alliance in March 2023.
Charging Points Across the Iberian Peninsula
The JV plans to install 11,700 fast charging points across Spain and Portugal by 2030. It aims to establish 5,000 points by 2025, followed by a further 6,700 points in the subsequent 5 years. It is expected the Spanish and Portuguese EV markets will grow significantly over the coming years.
Iberdrola is a market leader in public charging stations in Spain and Portugal, operating over 3,500 charging points serving more than 100,000 customers. Furthermore, it offers charging services for residential and commercial users, as well as heavier buses and trucks. Additionally, BP operates 10,000 charging stations focused in the UK and Germany. It is anticipated BP will use its established petrol stations across Spain and Portugal to double up as charging stations.
Other Collaborations
Iberdrola and BP have also expressed interest in collaborating on hydrogen refueling infrastructure. They intend to establish a JV to develop ‘large scale integrated green hydrogen production’ in Spain, Portugal, and the UK. Aiming to eventually build a total capacity of up to 600ktpa.
Rho’s Evaluation
In 2022, a combined total of 53,500 BEVs were sold in Portugal and Spain. As of Q3 2023, there had already been…
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Image credit: Adobe Stock
Sources: EU Commission, Iberdrola, Iberdrola