Motor Oil, EIB sign loan on clean fuel

The European Investment Bank (EIB) on Friday announced that it will provide a 40-million-euro 10-year loan to Motor Oil, co-financing its new investment to develop an extensive network of electric vehicle charging and hydrogen stations throughout Greece.

The pioneering investment, the first of its kind on such a scale in Greece, will see the deployment of about 3,000 EV charging stations for road transport. The hydrogen transport infrastructure will include one electrolyzer for hydrogen production, hydrogen trailers and a feeding terminal to load the trailers, as well as hydrogen refueling stations.

The loan agreement was signed at EIB’s headquarters in Luxembourg on February 17 by Ioannis Kaltsas, head of the EIB’s Investment Team for Greece and Cyprus, and Petros Tzannetakis, deputy managing director of Motor Oil Group.

“We are very pleased for the closing of this agreement with the EIB. This is another important step for the Motor Oil Group towards the energy transition in the current challenging energy environment,” said Tzannetakis.

“We are committed to creating extraordinary results and providing added value through strategic coalitions. For the past 50 years, Motor Oil has been identified with energy. Our priority is to ensure the energy sufficiency of Greece while at the same time meeting the needs for alternative energy sources and green fuels, important for our country’s energy autonomy,” he added.

An estimated 49% of the project investment will be located on the Trans-European Network for Transport (TEN-T). It is also estimated that 100% of the network will be deployed in less developed and transition cohesion regions.

Charging stations will be open-access.