Iberdrola and bp sign strategic cooperation agreement to contribute to the decarbonization of transport
Plan to invest up to €1 billion in the deployment of up to 11,000 fast charging points in Spain and Portugal, rapidly expanding charging infrastructure to support the growth of electric vehicles.
Part of the framework of alliances foreseen in Iberdrola’s Strategic Plan 2023-2025
Iberdrola and BP have signed a strategic cooperation agreement aimed at accelerating the decarbonization of transport.
The companies announced their intention to create a joint venture (JV) in July 2021, with the intention of investing up to €1 billion to deploy a network of up to 11,000 fast and ultra-fast EV public charging points in Spain and Portugal. The signing of the strategic cooperation agreement brings the companies one step closer to the formation of the JV, which is subject to the necessary regulatory and antitrust approvals and is expected to be completed in the second half of 2023.
Once approved, the JV will enable Iberdrola and BP to significantly expand the public fast EV charging infrastructure to support the adoption of electric vehicles in Spain and Portugal.
The companies plan to install and operate an initial 5,000 fast charging points by 2025 and up to a total of 11,000 by 2030, including existing and future BP and Iberdrola fast charging hubs.
Iberdrola Chairman Ignacio Galán said: “This strategic alliance enables progress in the electrification of transport. With this agreement, Iberdrola and BP are helping to accelerate the adoption of electric vehicles and generate industrial development in Spain.
Bernard Looney, CEO of bp, said: ‘Partnerships like this can help people and businesses decarbonize faster. By combining our resources and knowledge, we can deliver lower carbon mobility solutions for our customers faster and at scale.
We have great respect for Iberdrola, an early leader in the energy transition, and believe this partnership will bring significant benefits to our customers and stakeholders.
The companies are also exploring opportunities to jointly serve EV customers in the UK.
The joint venture will leverage the strengths and expertise of both parties to develop comprehensive mobility services to meet the needs of electric vehicle users.
Iberdrola is the leader in public charging infrastructure in Spain and Portugal, with more than 3,500 operational points and as many under development, using renewable energy to achieve the decarbonization of transport and serving more than 100,000 users. It also offers solutions for electric vehicle users: private, business and public charging, including solutions for urban and heavy transport (electrification of buses and trucks).
BP aims to rapidly expand its EV charging points globally and continues to invest in fast and ultra-fast charging. Customers already have access to its European network of over 10,000 charging points, mainly in the UK and Germany.
BP expects to use some of its extensive and conveniently located network of 1,300 retail sites in Spain and Portugal as locations for charging hubs for the joint venture.
