Iberdrola | bp pulse lands €130M debt deal, expandable to €230M, for EV charging

What's the deal? Iberdrola | bp pulseDealroom has a profile for this one. Try Dealroom →, the electric mobility joint venture between the two energy groups, has closed roughly €130 million in bank financing, with an option to expand it to €230 million. The debt funds its growth plan across Spain and Portugal.

Who's backing it? The financing was structured as a club deal, advised by ING Corporate Finance. Lenders include INGDealroom has a profile for this one. Try Dealroom →, RabobankDealroom has a profile for this one. Try Dealroom →, KutxabankDealroom has a profile for this one. Try Dealroom →, and Spain's Instituto de Crédito Oficial (ICO)Dealroom has a profile for this one. Try Dealroom →.

What's the endgame? The company, formed less than three years ago, is building out a public high-power charging network across the Iberian Peninsula. It has already deployed more than 2,500 charging points in Spain and Portugal.

Why it matters: The joint venture called this one of the most significant financing deals closed in Spain for electromobility infrastructure. It said the round shows "the confidence of the financial market in the solidity of the project."

What they're saying: Roberto Cocina, chief financial officer for Spain and Portugal, said the deal gives "the flexibility and the ideal capital structure to keep executing our business plan." Chief executive Pablo Pirles said the funds let the company "keep advancing" its strategy of building a network with prime locations and advanced technology.

The signal: Debt — not equity — is increasingly the tool of choice for financing capital-heavy charging rollouts. For a three-year-old venture to draw in national and international lenders signals that EV infrastructure is maturing into an asset class banks are willing to underwrite.

Read more: forbes.es

Image credit: earthandmain