FINANCING ALTERNATIVE FUELS INFRASTRUCTURE
On 18 October, the European Investment Bank (EIB) and the European Commission signed an agreement that will make it possible to combine EU grants and long-term EIB financing for alternative fuels infrastructure projects. The agreement comes under the Alternative Fuels Infrastructure Facility (AFIF) and is part of the European Union’s Connecting Europe Facility (CEF) transport programme. It will make over €1.5 billion in EU grants available by the end of 2023 for alternative fuels infrastructure, including electric fast-charging and hydrogen refuelling stations on the TEN-T road network. In addition to the EIB, other private and public banks can also benefit from the facility.
This partnership will help to achieve the EC’s objectives of 1 million recharging points by 2024 and 3.5 million by 2030, which would need annual investments of around €1.5 billion. EIB Vice-President Kris Peeters, responsible for transport operations, noted that “catalysing the development of alternative fuels infrastructure is crucial to putting the European Union on track to meeting the European Green Deal’s objective of cutting transport emissions by 90% by 2050. We can make each euro more impactful by offering a smart way to combine available EU financial support and getting more private investors on board. Ultimately, this will accelerate the development and deployment of transport innovation and new, sustainable infrastructure.”
The Alternative Fuels Infrastructure Facility will be implemented through a rolling call until 2023, with five cut-off dates for submitting proposals. CINEA is managing the promotion and evaluation of the call. While eligibility for the grant will be decided by the Commission, the EIB will apply its own eligibility criteria and due diligence process when approving co-financing under the AFIF, as is currently the case for any other alternative fuels operation.
Source: EIB