February 26 (Renewables Now) - Enel X, an advanced energy services business unit of Italian group Enel SpA (BIT:ENEL), has reached the full financing close for its project to install more than 3,000 charging stations for electric vehicles (EVs) across Spain, Romania and Italy.
The project, called AMBRA-Electrify Europe (AMBRA-E), will see EUR 70.75 million (USD 76.8m) invested in quick, fast and ultra-fast charging points, which will become part of Enel X’s public charging infrastructure network across the three markets, the company said.
The European Commission’s Innovation and Networks Executive Agency (INEA), through its Connecting Europe Facility (CEF) programme, has provided a grant of EUR 14.15 million to support the project.
Part of the proceeds from the EUR-115-million loan that Enel X obtained from the European Investment Bank (EIB) in 2018 for the deployment of charging stations in native Italy will be used to fund the AMBRA-E installation round.
Additional funds will come from Enel X’s own resources.
Installation of new charging points is expected to be completed by 2022.
(EUR 1.0 = USD 1.086)