ALD has been granted a €250m (£222m) loan from the European Investment Bank (EIB), which will be used to add 15,000 hybrid and electric vehicles to its fleet across Europe.

ALD will use the EIB loan to add 15,000 hybrid and electric vehicles to its fleet across Europe

The business already runs more than 118,000 of “green” vehicles as of the end of June 2019 and the new vehicles – which will be particularly focused at customers in France, Germany, Italy, Spain, Belgium and the Netherlands – will form part of the leasing firm’s plans to have a fleet of more than 200,000 alternative vehicles under management by the end of 2020.

“We are seeking to be a key player in the mobility sector energy transition in all of the countries where we operate. This financial partnership will help to strengthen our sustainable mobility strategy and, in particular, to encourage the gradual adoption of low-emission vehicles,” said ALD chief financial officer Gilles Momper.

The move comes a year after ALD issued an inaugural Positive Impact Bond to finance green fleet vehicles, marking a first for the fleet industry.

The EIB credit envelope – said to be on favourable financial conditions – has been supplied as part of the Cleaner Transport Facility (CTF) programme. The joint initiative launched by the European Commission and the EIB in December 2016 to help tackle the shift to ultra-low-emission vehicles.

“This is another important step in our Investment Plan for Europe. The €250m loan for alternative fuel vehicles will enable us to speed up our transition to low-emission transport across Europe and actively implement the EU’s programme to promote jobs and growth,” said Violeta Bulc, European Commissioner for Mobility and Transport.