The project will solve the problem of low use of electric vehicles and charging stations in the three countries and help them achieve the EU Green Plan targets of having one million public charging stations for electric vehicles and alternative fuel stations spread across the 27 Member States by 2025.

The European Investment Bank (EIB) has signed a €40 million loan with the Austrian company Eldrive Holding GmbH for the installation of 8,472 electric vehicle charging stations in Bulgaria, Lithuania, and Romania over the next three years. The funding is backed by an InvestEU guarantee for investments that help the green transition.

According to the bank, this represents support for green mobility and the objectives of the EU Green Deal on sustainable transport and decarbonization.

This investment is supported by the InvestEU program, which aims to attract additional investment of over €372 billion between 2021 and 2027. The InvestEU program mobilizes investment for EU policy priorities such as the green transition, competitiveness, innovation, and sustainable infrastructure.

"It is a very important project. The transport sector is one of the main sources of greenhouse gas emissions. The transition to electromobility can help reduce these as well as air pollution. However, a serious transition to the use of electric vehicles cannot occur without the necessary infrastructure. As the EU's climate change bank, the EIB is supporting the construction of electric vehicle charging networks, and I am very pleased that we will be taking part in the modernization of transport in Bulgaria, Lithuania and Romania," said EIB Vice President Kyriacos Kakouris.

Electric vehicle charging is one of the sectors eligible for additional support under the EIB's initiative to support REPowerEU, the EU's plan to end Europe's dependence on fossil fuel imports. The EU bank has committed to provide an additional €45 billion in financing to projects that meet the REPowerEU criteria, in addition to its regular loans.

The European Investment Bank (EIB) is the European Union's long-term lending institution owned by its member states. The institution finances sound investments that contribute to EU policy objectives.

Eldrive Holding is one of the leading operators of charging stations for electric cars in Bulgaria, Romania, and Lithuania. The company manages over 1,200 charging points.