ALD I LeasePlan is ramping up growth of its hybrid and fully electric fleet in Europe, backed by a new €600m (£515m) financing agreement.

The deal will finance some 15,000 vehicles in total over three years, including equal numbers of PHEVs and BEVs

The deal, which includes a €300m (£258m) credit envelope granted by the European Investment Bank (EIB) and matched by the leasing giant, will finance an equal number of battery electric vehicles (BEVs) and plug-in hybrids (PHEVs), covering some 15,000 vehicles in total over three years. The PHEV vehicles are capped at a maximum level of emissions of 50g/km of CO2, reduced by one-third compared to 2019.

It follows the organisations’ major financial partnership signed in 2019 to support the transition to sustainable economy through green vehicle development.

The agreement comes after ALD closed its acquisition of LeasePlan in May this year from a consortium led by TDR Capital.

ALD I LeasePlan chief financial officer Gilles Momper 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 on 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 reduce carbon emissions in transport by accelerating the adoption and penetration of green vehicles in the European countries we are covering.”

The financing deal will span the EU in the countries covered by both companies and will further drive EV take-up, supporting EU targets for tackling climate change. For the first quarter of 2023, ALD I LeasePlan held a 29% share for BEVs/PHEVs in its new passenger car deliveries, compared to a market average of 20%.

The EIB said the deal supported its role “as a gas pedal of the low-carbon transformation of the entire automotive sector” – it’s working to support €1tn of climate action and environmental sustainability investments in the decade to 2030, supported by the Climate Bank Roadmap adopted in 2019.

Ambroise Fayolle, EIB vice president, said: “I am delighted that the EU Climate Bank is able to provide this loan to support the greening of ALD I LeasePlan’s fleet of hybrid and electric vehicles. ALD I 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.”