The European Investment Bank (EIB) has agreed to provide Motor Oil with a €40 million 10-year loan to help fund its new investment in developing an extensive network of EV charging and hydrogen stations across Greece.
The ground-breaking investment, the first of its kind on such a large scale in Greece, will install approximately 3000 electric vehicle charging stations for road transportation. The hydrogen transport infrastructure will comprise one electrolyzer for hydrogen production, hydrogen trailers, a loading terminal, and hydrogen refuelling stations.
The project will generate environmental benefits by deploying zero-emission vehicle charging and refuelling infrastructure, such as reduced air pollution, greenhouse gas emissions, and noise. The project will also help to advance the hydrogen and electromobility industries by hastening the deployment of Zero Emission Vehicle (ZEV) infrastructure. As a result, it will indirectly contribute to the growth of relevant market segments for electric and hydrogen infrastructure and the vehicles that use them.
On February 17, Ioannis Kaltsas, Head of the EIB’s Investment Team for Greece and Cyprus, and Petros Tzannetakis, Deputy Managing Director of Motor Oil Group, signed the loan agreement at the EIB’s headquarters in Luxembourg.
The Trans-European Network for Transport will receive an estimated 49% of the project investment (TEN-T). Furthermore, the entire network is expected to be deployed in less developed and transition cohesion regions. The charging stations will be open to the public. One of the priorities of the EIB Group’s dedicated package of support for the REPowerEU plan, which aims to end the EU’s reliance on fossil-fuel imports, is EV charging infrastructure.
The EIB has provided €8 billion in private sector business investment in Greece over the last decade.
“The Zero Emissions Vehicle market, including electric and hydrogen vehicles, is at a very early stage of development in Greece and through the financing of this innovative project, which features sustainability and environmental characteristics, the EIB will support the transformation of the road transport in the direction of hydrogen and electric mobility and increased sustainability, while also providing a signal to stimulate further funding from commercial banks on similar projects,” said Ioannis Kaltsas, Head of the EIB’s Investment Team for Greece and Cyprus. “Today’s agreement is the result of many months of work between the EIB and Motor Oil Hellas, as the company works towards creating a sustainable future through its products and operations.”
“We are very pleased today for the closing of this agreement with the European Investment Bank. This is another important step for the Motor Oil Group, towards the energy transition in the current challenging energy environment,” said Petros Tzannetakis, Motor Oil Group Deputy Managing Director. “We are committed to creating extraordinary results and providing added value through strategic coalitions. For the past 50 years, Motor Oil has been identified with energy. Our priority is to ensure the energy sufficiency of Greece while at the same time meeting the needs for alternative energy sources and green fuels, important for our country’s energy autonomy.”
