IBDSF - BP Iberdrola plan Euro1B electric vehicle charging joint venture

BP ( NYSE: BP ) and Iberdrola ( OTCPK:IBDRY ) will launch a joint venture and spend ~€1B by 2030 to build a network of fast and ultra-fast charging points for electric vehicles in Spain and Portugal, the Spanish energy company said Thursday.

The plan calls for the installation and management of nearly 12K fast-charge points by the end of the decade, through a company 50% owned by Iberdrola Clientes and by BP's Spanish subsidiary BP Energia, Iberdrola ( OTCPK:IBDRY ) said.

The company said it will incorporate a 100% Portuguese subsidiary to carry on its business in that country, it said.

Investors may want to wait for the stock to drop towards $30 before buying BP ( BP ), The Asian Investor writes in an analysis published recently on Seeking Alpha .

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