Spanish electric car charging specialist Zunder has agreed to a green loan agreement worth €225m with Banco Santander.

Under the terms of the syndicated loan Santander acted as the financial adviser, sole underwriter and green loan coordinator.

The proceeds of the funding are to be used to help Zunder expand further into Europe, with Portugal, Italy and France of particular focus.

Existing investors in Zunder include White Summit Capital and Global Monogram, who invested in 2021. Later on Mirova (part of Natixis) invested €100m in 2022. The same year the Spanish company received a €40m loan from the European Investment Bank.

In 2023 the European Commission contributed €22.5m through its “Connecting Europe” facility.

Benoit Felix, head of structured finance at Santander said that the loan is “a further example of Santander’s support for its clients in the field of electric mobility and the transition towards a low-carbon economy.”

Meanwhile Helene Dimitracopoulos of Mirova said it will “accelerate the company’s expansion plans, cementing its position as a top player in the electric vehicle charging industry. “

CEO Daniel Perez of Zunder noted that it represents “the largest syndicated financing signed to date in the electric mobility sector.”