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Repsol To Invest €42m In Public Electric Recharging Points

By Dayeeta Das
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Repsol To Invest €42m In Public Electric Recharging Points

Repsol has announced that it will invest €42 million in installing 610 public electric recharging points at its service stations in Spain and Portugal.

The project is part of the multi-energy company's goal of reaching 1,000 public recharging points by the end of 2022 – one every 50 kilometres along the main road corridors of the Iberian Peninsula.

It is also a further step forward on the company’s journey towards carbon neutrality by 2050.

The Spanish Official Credit Institute (ICO) has participated in two financing operations related to this project for a total amount of €40.7 million.

The money will support the installation of the fast and ultra-fast recharging points in the network of service stations that the company operates in the Iberian Peninsula.

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The 610 electric recharging points (18 ultra-fast and 592 fast) will be installed before the end of 2023, with 577 at Repsol service stations in Spain and 33 in Portugal, along the Mediterranean and Atlantic corridors.

The installed capacity of the fast and ultra-fast recharging points will be 50 kW and 180 kW, respectively.

Renewable Energy

Repsol offers 100% renewable energy at its electric recharging points.

Currently, the company operates more than 350 points, including 70 fast-charging points, most of which are located at service stations.

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Repsol has also applied for state aid to access the MOVES III incentive plan to install recharging points in a bid to consolidate its multi-energy offering in sustainable mobility.

In July, the Spanish fuel group posted an adjusted net profit of €488 million for the second quarter of its financial year, following a loss in the same period last year, boosted by higher oil and gas prices and a pick-up in travel after lockdowns eased.

© 2021 European Supermarket Magazine. Article by Dayeeta Das. For more Retail news, click here. Click subscribe to sign up to ESM: European Supermarket Magazine.
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