Iberdrola and BP will invest 1,000 million in 11,700 filling stations

Iberdrola and BP signed a strategic alliance with which they plan to invest 1,000 million euros for implementation a network of 11,700 fast and ultra-fast filling stations in Spain and Portugal for the development of electric mobility.

In July 2022, the companies announced their intention to establish a joint venture whose establishment – subject to the necessary regulatory and market approvals – is scheduled for the second half of 2023, as Iberdrola announced to the National Securities Market Commission (CNMV).

This agreement envisages the installation and operation of 5,000 fast chargers by 2025 and reaching almost 12,000 points by 2030. In addition, both companies are working together to develop joint solutions for public and domestic charging in the United Kingdom.

In order to achieve the goals set with this alliance, which will be 50% owned by Iberdrola Clientes and BP Energía, both companies will contribute their current and future fast-charging chargers to this joint venture. Likewise, Iberdrola will supply exclusively electricity from renewable sources to the network of filling stations.

Each party is expected to continue to operate independently as a reseller of electric mobility services, with both having access to the company’s infrastructure.

The joint venture will use part of the network of BP gas stations, such as hubs electric vehicle charging in Spain and Portugal. In this way, drivers of electric vehicles will be able to charge at service stations.

BP’s aim is to expand its electric vehicle charging points globally and continue to invest in fast and ultra-fast charging infrastructure. BP’s European network has more than 10,000 filling stations, mainly in the UK and Germany.

This agreement falls within the framework of alliances provided for in Iberdrola’s 2023-2025 strategic plan, which adds more than 3,500 charging points in Spain and Portugal and many others in development.

The operation will not have a significant impact on Iberdrola’s consolidated results for 2023.

President of Iberdrola, Ignacio Galanhas ensured that this strategic alliance enables progress in the electrification of transport and the reduction of energy dependence on fossil fuels, while accelerating the development of electric vehicles and generating industrial development in Spain.

For his part, the CEO of BP, Bernard Looneyhe added that such agreements can help people and companies to decarbonize faster and will bring significant benefits to both their clients and their partners.