site.btaEIB Signs EUR 40 Mln Loan with Eldrive to Build Charging Stations in Bulgaria, Lithuania and Romania

The European Investment Bank (EIB) announced Friday signing a EUR 40 million loan to the Austrian-registered Eldrive Holding GmbH to install 8,472 electric vehicle (EV) charging stations in Bulgaria, Lithuania and Romania over the next three years. The project supports clean mobility and the EU Green Deal goals for sustainable transport and decarbonization, the announcement says.

This agreement is backed by the InvestEU programme which invests in EU policy priorities like the green transition, competitiveness, innovation and sustainable infrastructure.

With InvestEU and the EIB’s financial support, Eldrive Holding plans to invest about EUR 146 million to deploy 4,376 new EV charging stations in Romania, 2,575 in Lithuania and 1,530 in Bulgaria.

"The project will improve the low market penetration of electric vehicles and charging points in the three countries, and help them deliver on the EU Green Deal objective of having one million public EV chargers and alternative fuel stations spread across the 27 Member States by 2025. These EV charging networks will underpin the shift to electric vehicles and reduce greenhouse gas emissions and air pollution in urban areas of Bulgaria, Lithuania and Romania," the EIB said.

EIB Vice-President Kyriacos Kakouris says this is "a very important project”. “The transport sector is one of the main sources of greenhouse gas emissions. The transition to e-mobility can help reduce them, as well as air pollution. However, a serious shift to electric vehicles cannot take off without the necessary infrastructure. As the EU’s climate bank, the EIB supports new EV charging networks, and I am very pleased that we will be part of modernising transport in Bulgaria, Lithuania and Romania.”    

Eldrive Holding, controlled by Bulgarian investors, already operates over 1,200 EV charging points in the three countries. In October 2022, Eldrive Holding announced a partnership with Videolux Holding, the owner of the Holiday Park retail parks and the Praktiker and Technopolis stores, for construction of charging stations. The first two of them have already been installed in Pernik and Haskovo.

“Securing the trust of the EIB is a substantial milestone for Eldrive. It is an important recognition of the resilience of our business strategy, implementation and growth achieved over the past few years. Having the EIB as a partner on this project will help us quickly and effectively expand our network and become one of the leading charging point operators in Europe,” said Eldrive CEO Stefan Spassov as quoted in the press release.