The European Bank for Reconstruction and Development (EBRD) has announced a strategic equity investment of €15 million in Eldrive Holding GmbH (Eldrive), a prominent operator of electric vehicle (EV) charging points across Bulgaria, Lithuania, and Romania. This investment aims to significantly expand the EV charging infrastructure in these countries, with Eldrive planning to install and operate 7,400 new EV charging stations by 2028, in addition to the 900 stations it currently manages.
The EBRD’s investment is part of a broader initiative alongside Renalfa Solarpro Group, Eldrive’s parent company, which is supporting the first phase of development. Additionally, the European Investment Bank (EIB) is providing a €40 million venture debt facility to further bolster Eldrive’s expansion plans.
This initiative is crucial in supporting the European Union’s ambitious decarbonisation goals, particularly in the transport sector, which accounted for 22% of global CO2 emissions in 2022. Under the EU Green Deal, European countries are accelerating the deployment of clean electric mobility, aiming to have one million public EV charging stations by 2025 and three million by 2030. Currently, central, southern, and eastern European markets lag behind their western counterparts in EV charging infrastructure availability.
Sue Barrett, EBRD Director for Infrastructure in Europe, the Middle East, and Africa, expressed enthusiasm about the investment, stating, “This marks the EBRD’s first equity investment in a charging point operator (CPO), and we are delighted to support Eldrive’s expansion across Bulgaria, Lithuania, and Romania. We anticipate that this investment will pave the way for further EV infrastructure projects in the region and accelerate the decarbonisation of Europe’s transport sector.”
Stefan Spassov, CEO of Eldrive, welcomed the EBRD’s involvement, emphasizing, “We are thrilled to have the EBRD as an equity investor in Eldrive. This investment not only validates our business strategy and resilience but also underscores the potential of the European electric mobility sector at large.”
Eldrive, a key player in Bulgaria, Lithuania, and Romania’s EV CPO sector, plays a pivotal role in advancing EV adoption and supporting the region’s transition towards sustainable transportation solutions.
Renalfa Solarpro Group, the parent company of Eldrive and an established client of the EBRD, focuses on investments in clean energy and e-mobility, with ongoing projects in solar and wind power across Bulgaria, Hungary, North Macedonia, Poland, and Romania.
The EBRD, a leader in climate finance across central and eastern Europe, Central Asia, and the southern and eastern Mediterranean regions, has aligned all its activities with the goals of the Paris Agreement. The Bank has committed to ensuring that at least half of its annual investment volumes are directed towards green initiatives by 2025, a target it has consistently met over the past three years.
