Iberdrola and bp sign €1bn alliance for EVs in Spain and Portugal

Iberdrola and bp have signed a strategic alliance to invest €1 billion ($1.1 billion) to deploy a network of 11,700 fast and ultra-fast charging points in Spain and Portugal.

Their intended joint venture was announced in July 2022 with this alliance being the next step in progressing the partnership.

Through the partnership, multinational electric utility Iberdrola and bp plan to significantly expand fast public EV charging infrastructure and accelerate the clean tech’s penetration in Spain and Portugal.

Specifically, their collaboration will see the installation and operation of 5,000 fast-charging points by 2025, to reach nearly 12,000 by 2030.

To achieve this goal, bp and Iberdrola will contribute their existing and future fast charging points to the joint venture.

Chairman of Iberdrola, Ignacio Galán, said that “this strategic alliance enables 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 the accelerated deployment of electric vehicles while investing in the industrial development of the Iberian Peninsula”.

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The two companies are also working together to develop solutions for public and domestic charging in the UK.

According to Iberdrola, their public charging infrastructure in both countries leads with more than 3,500 points in operation and more under development, powered by renewable energy.

bp‘s goal is to rapidly expand its EV charging points worldwide and to continue to invest in fast and ultra-fast charging infrastructure.

The joint venture will use part of bp’s extensive network of service stations as EV charging hubs in Spain and Portugal.

Subject to necessary regulatory and competition approvals, the joint venture is expected in the second half of 2023.