EBRD Invests in Eldrive, Accelerating EV Charging Infrastructure in Bulgaria, Romania, and Lithuania

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Vienna, June 14, 2024 – The European Bank for Reconstruction and Development (EBRD) is investing €15 million in Eldrive Holding GmbH, a leading regional operator of electric vehicle (EV) charging infrastructure in Bulgaria, Romania, and Lithuania. By 2028, Eldrive plans to install and operate 7,400 new EV charging stations in addition to the 900 it currently manages, effectively doubling the existing EV infrastructure across these three countries.

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The EBRD’s equity stake is part of an initial development phase alongside Eldrive’s owner, Renalfa Solarpro Group. In parallel, the European Investment Bank (EIB) is providing €40 million in debt financing. Together, these investments support the EU’s decarbonization agenda in a transport sector that currently accounts for 22% of global CO₂ emissions (as of 2022).

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The EU Green Deal aims to establish one million public EV charging stations by 2025 and three million by 2030. Although several EU countries have made significant progress, much of Central, Southern, and Eastern Europe still lags behind Western Europe in public charging infrastructure availability.

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Sue Barrett, EBRD Director for Infrastructure in Europe, the Middle East, and Africa, said:
“This is the EBRD’s first equity investment in a charge point operator, and we are pleased to support Eldrive’s expansion plans in Bulgaria, Romania, and Lithuania. We hope this investment will pave the way for many other EV infrastructure projects in the region and help accelerate the decarbonization of Europe’s transport sector.”

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Stefan Spasov, CEO of Eldrive Holding, said:
“We are happy to welcome the EBRD as an equity investor in Eldrive. Being the first EV charging infrastructure operator in our region to receive this level of support demonstrates the potential of our business strategy and model. This recognition underscores not only Eldrive’s achievements but also the bright future of Europe’s EV mobility sector.”

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Eldrive is at the forefront of public EV charging infrastructure in Bulgaria, Romania, and Lithuania, helping to accelerate electric vehicle adoption and reduce emissions in these markets—where EV use is still in the early stages.

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Renalfa Solarpro Group, an Austria-based investment group focused on clean energy and electric mobility, is the owner of Eldrive. The group develops and operates renewable energy assets including solar and wind projects, with a total capacity of 3 GW in Poland, Hungary, Romania, Bulgaria, and North Macedonia. Renalfa Solarpro Group is also an existing client of the EBRD.

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The EBRD, a leader in climate finance across Central and Eastern Europe, Central Asia, and the Southern and Eastern Mediterranean, aligns all its activities with the Paris Agreement and has committed to making at least 50% of its investments green by 2025—a goal it has already met for the past three years.