The purpose of the review is to support lenders assessing its electric vehicle charging platform and planned expansion in Spain and Portugal.
As public charging networks expand, lenders need to understand whether equipment, sites and operating systems can support planned growth. They must also test whether forecasts for demand, costs and network performance reflect market conditions.
The review covered charging equipment, software and cyber security, network performance, operating arrangements, site rollout and grid connections. It also included the Spanish and Portuguese markets, regulation and permitting, competitive position, and the main assumptions underpinning the business plan.
DNV considered these areas together, comparing the business plan with operating data, market forecasts and sector benchmarks. The review identified matters for continued monitoring as the network expands, including equipment reliability, permitting, grid connections, cyber security and actual charger use.
“Installing chargers is only one part of expanding a network” said Brice Le Gallo, Vice-president and regional director for Southern Europe, MEA & LATAM, Energy Systems at DNV. “Lenders also need evidence that the equipment can perform reliably, sites can be connected and permitted, demand assumptions are credible and the business plan reflects these conditions. Reviewing these questions together gives lenders a clearer basis for their decisions.”
The EU’s Alternative Fuels Infrastructure Regulation sets binding targets for public charging infrastructure along Europe’s main road network. Meeting growing demand will require operators to expand coverage while managing grid access, permitting, equipment performance and cyber risk.
Reliable public charging can make electric vehicles more practical for longer journeys and support the wider electrification of passenger and freight transport. High-power charging is expected to become more important as networks expand and electric heavy-duty transport develops.
“Expanding a charging network requires disciplined decision-making regarding both the allocation and deployment of capital” added Roberto Cocina, CFO, at Iberdrola | bp pulse. “At Iberdrola | bp pulse, our investment strategy is focused on developing a high-quality, resilient, and future-ready network capable of delivering strong long-term performance and serving our customers’ evolving needs. DNV’s independent review has provided us and our financing partners with a clearer and more robust understanding of the technical, operational, and market assumptions that should be closely monitored as the network continues to expand.”
As EV charging moves from early rollout towards larger networks, financing decisions will depend increasingly on evidence from operating assets rather than deployment targets alone. Equipment reliability, grid access, permitting, cyber security and charger use will require continued monitoring as the market develops. DNV’s team carries out independent technical and commercial reviews for lenders, investors, owners and developers across energy and transport infrastructure to address these areas.
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