The Official Credit Institute (ICO) has approved a green loan to Cepsa amounting to 150 million euros. The funding will partially back the installation of ultra-fast chargers at Cepsa service stations and advance electric mobility across Spain and Portugal.
In this way, the energy company accelerates the electrification and decarbonization of road transport, supporting a shift toward a more sustainable model aligned with the Recovery, Transformation and Resilience Plan objectives.
At the signing ceremony, Cepsa’s chief executive officer, Maarten Wetselaar, emphasized that the ICO’s backing provides a boost for expanding a broad ultra-fast charging network at Spain and Portugal service stations. This infrastructure is designed to encourage user uptake by enabling intercity electric vehicle travel without charging time interrupting trips. Cepsa remains committed to ultrafast charging as a cornerstone to make electric mobility a practical reality.
The ICO’s president, Jose Carlos Garcia de Quevedo, explained that the operation sits within the ICO Strategy, which prioritizes financing projects with positive social and environmental impact in line with the Recovery Plan aims. The loan to Cepsa marks another step in this effort, supporting sustainable mobility and the rollout of universally accessible charging infrastructure.
The ICO financing will enable Cepsa’s ultrafast charging network to feature 150 kW and 300 kW charging points, located along the main corridors and highways in Spain and Portugal. Today, the company has more than 130 ultrafast charging points and is advancing the development of an additional 330, with a target in 2030 to provide these chargers at most of its service locations.
The transaction is classified as a green loan under the Green Loan Principles (GLP) of the Loan Market Association (LMA). This loan complements the financing provided by the European Investment Bank (EIB) at the end of 2023, amounting to 150 million euros, enabling Cepsa to undertake an estimated 300 million-euro investment plan for 2023-2026.
Around Cepsa
Through its 2030 strategy, Positive Motion, Cepsa is undergoing a deep transformation aimed at decarbonizing its activities and helping customers address their own decarbonization challenges. The company is investing in electric mobility and the production of green molecules, notably green hydrogen and biofuels.
Moreover, Cepsa aspires to reach net-zero emissions and push beyond to become a net-positive company, enabling customers and society to progress toward sustainable outcomes. A bold roadmap targets reducing Scope 1 and 2 CO2 emissions by 55% by 2030 versus 2019, with the goal of achieving net-zero emissions before 2050. For product carbon intensity, the aim is a 15- to 20-percent reduction by 2030 relative to 2019 levels.
ICO Overview
The ICO embeds sustainability as a core operating principle, prioritizing social and environmental project promotion. In 2023, ICO-backed operations mobilized investments of 16.314 billion euros in environmentally or socially positive projects. The Recovery Plan addendum approved a new milestone for the ICO Group, assigning 40 billion euros in loans within the plan’s second phase, supporting Spanish companies through a green and digital transition.