EBRD invests in Eldrive

Energy / Bulgaria
3E news
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· EBRD supports electric vehicle charging infrastructure in Bulgaria, Romania and Lithuania

· The bank acquires a stake in the public charging infrastructure operator Eldrive

· Eldrive to add 7,400 charging stations, significantly expanding electric vehicle infrastructure in three countries

The European Bank for Reconstruction and Development (EBRD) is making a capital investment of EUR 15 million in Eldrive Holding GmbH, a leading regional operator of charging infrastructure for electric vehicles in Bulgaria, Romania and Lithuania. By 2028, Eldrive will install and operate 7,400 new EV charging stations in addition to the 900 it already operates, doubling the EV infrastructure currently available in these countries.

The EBRD will invest together with Renalfa Solarpro Group, owner of Eldrive, in the first phase of development. At the same time, the European Investment Bank (EIB) provides Eldrive with debt financing in the amount of 40 million euros.

This investment supports the European Union's commitment to decarbonisation. By 2022, the transport sector is responsible for 22% of global CO2 emissions. In this regard, EU countries are accelerating the introduction of clean electric mobility. The goal of the EU Green Deal is to build one million public charging stations for electric cars within the Union by 2025, and three million by 2030. Currently, markets in Central, Southern and Eastern Europe lag behind Western European countries in terms of the availability of a net number of EV charging stations.

Sue Barrett, EBRD's Europe, Middle East and Africa Infrastructure Director, said: "This is the EBRD's first capital investment in a charging point operator (CPO) company and we are delighted to support Eldrive's expansion plans in Bulgaria, Romania and Lithuania. We hope that this investment will pave the way for many other electric vehicle infrastructure investments in the region and help accelerate the decarbonisation of the transport sector in Europe."

“We are delighted to welcome the EBRD as an equity investor in Eldrive. Being the first EV charging infrastructure operator to receive such an investment makes us proud and shows the potential of our business strategy and model. This is a great recognition not only for Eldrive, but also for the entire European electric mobility sector," said Stefan Spasov, CEO of Eldrive Holding.

Eldrive is a leading regional operator of public charging infrastructure for electric vehicles in Bulgaria, Romania and Lithuania. The company is facilitating the acceleration of electric vehicle penetration and supporting the decarbonisation of transport, which is critical at this early stage of market development.

Renalfa Solarpro Group is an Austria-based clean energy and electric mobility investment group with a focus on renewable energy generating assets. The group currently has solar and wind projects – completed and in various stages of construction and development – ​​with a total capacity of 3 GW in Poland, Hungary, Romania, Bulgaria and North Macedonia. The group is a current client of the EBRD.

The EBRD, a leader in climate finance in Central and Eastern Europe, Central Asia and the Southern and Eastern Mediterranean, has aligned all its activities with the goals of the Paris Agreement and committed by 2025 to at least half of its investments green - a goal it has fulfilled for the past three years.



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