The ICO and Iberdrola agree on a loan to boost the installation of charging stations.

The loan, which amounts to 59.4 million euros, will allow Iberdrola to accelerate its sustainable mobility plan, which includes the installation of up to 150,000 charging points.

The Official Credit Institute (ICO) and Iberdrola have announced an agreement for a green loan totaling €59.4 million to facilitate the installation of electric vehicle charging points. This loan will allow, as the company states in a press release published on its website, “the acceleration of the rollout of the sustainable mobility plan”; a roadmap that the company, led by Ignacio Galán, has established in order toInstall up to 150,000 charging points for electric mobilityin homes, businesses and public roads in the next five years.

Thus, the financing obtained through this particular agreement “will allow Iberdrola to strengthen its public charging network in Spain and Portugal with up to 2,500 new charging points,” the company specifies. The financing agreement with the ICO, with a nine-year term, represents the fourth green loan granted by the Institute to the Spanish company with the aim of boosting the production and use of energy from renewable and non-polluting sources.

Sustainable Mobility Plan

Iberdrola’s commitment to electric mobility is underpinned by itsSustainable Mobility PlanThis plan, with a five-year timeline, will allocate €150 million to install 150,000 charging points in various locations, including homes, businesses, urban areas, cities, and major highways. The deployment will focus on high-efficiency charging stations, such as ultra-fast 350 kW stations every 200 kilometers on highways; super-fast 150 kW stations every 100 kilometers on highways; and fast 50 kW stations every 50 kilometers on highways.

How does a fast charging station for electric vehicles work?

Let’s start with the first point. The transformer substation will be responsible for connecting the electric vehicle charging station to the medium-voltage grid, complying with the regulations required by the electricity distribution company to whose network it will be connected, and for transforming the electricity from the medium-voltage grid to low voltage. Why is this point important? Because it guarantees the operation of the other elements that will ensure the electric vehicle is charged, and because it is also a fundamental point from a safety perspective.

Furthermore,the most advanced transformer substationsThey provide operating companies with remote data that allows them to understand consumption patterns, usage trends, and the status of the network and its components, enabling them to operate and maintain their network of charging stations more efficiently. All of this ensures that energy is available to all users.

Once the voltage is low, it’s time for the second element of the equation to come into play: the power converter cabinet. This set of equipment adapts the incoming alternating current (AC) electricity to direct current (DC), which is what electric vehicle batteries can handle.

Now that the voltage is low and the current is direct current, it’s time to talk about the most familiar element: the charging station. These stations, with an appearance and function similar to the pumps found at any gas station, only in this case the energy is electrical, are responsible for transmitting the energy to our car.

Furthermore, these devices allow us to know the energy the charging station can supply, the energy our battery can absorb, the battery’s temperature, and an estimated charging time, as well as manage payment. In short, besides providing the energy through the cable, they act as our interpreter, enabling the charger and the vehicle to communicate and allowing us to choose the best charging option.