The European Investment Bank (EIB) has unveiled an operation to accelerate the growth of ALD/LeasePlan hybrid and EV fleet in Europe.

The deal, which is a €300m credit envelope granted by EIB (on favourable financial conditions) and an equivalent €300m investment made by ALD/LeasePlan for a duration of 3 years, will enable ALD/LeasePlan to further develop its range of battery electric vehicles and plug-in hybrids (BEVs and PHEVs) across the EU, in the countries covered by both companies.

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EU targets for tackling climate change effectively require a gradual move to electric or plug-in hybrid cars. In most EU countries, PHEV remains the largest number of green vehicles on the road. However, BEVs are proven to have a greater impact in reducing carbon emissions, when looking at the full supply chain, from production to the road.

Covering a period of three years and considering the existing constraints on the range of EVs and the charging infrastructures available in Europe, this new operation will co-finance a gradually equal number of BEVs and PHEVs (15,000 vehicles in total over three years). Besides, the PHEV vehicles involved are capped at a maximum level of emissions of 50g CO2/km (reduced by one-third compared to 2019).

Ambroise Fayolle, EIB vice-president, said: “Through our financing to support European companies in their energy transition, the EIB is fully playing its role as a gas pedal of the low-carbon transformation of the entire automotive sector.

“I am delighted that the EU Climate Bank is able to provide this loan to support the greening of ALD/LeasePlan’s fleet of hybrid and electric vehicles. ALD/LeasePlan is a European leader in sustainable mobility, and plays an essential role in disseminating these best practices among SMEs, which count among its most important customers”.

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Gilles Momper, chief financial officer for ALD/LeasePlan, said: “The recent acquisition of LeasePlan by ALD positioned our company as the leading global sustainable mobility player with a total fleet of 3.3 million vehicles managed worldwide. We intend to keep leveraging our unique position in the European market to lead the energy transition and provide our customers with the mobility solutions they need to succeed.

“This co-financing operation will contribute to further reducing carbon emissions in transport by accelerating the adoption and penetration of green vehicles in the European countries we are covering”.

In Europe in Q1 2023, with 29% of new passenger car deliveries being BEV or PHEV, ALD/LeasePlan maintained its leading position in Europe, well ahead of the market (20%).