Firefighters from Newport and Cowes were called to Recreation Ground Road alongside Police and ambulance crews at just before 19:00.
Two pumping appliances and the Rescue Tender are attending the incident alongside a fire officer, ambulance officer and several Police units.
The road has been closed in both directions.
One person has been conveyed to St Mary’s Hospital in Newport following the incident. It is currently unclear how the incident occurred.
Fire and ambulance crews have left the scene, however Police remain in attendance whilst the vehicle is recovered by Bartletts Service Station.
Engineers from Southern and Scottish Energy are also on site.
The road has been reopened.
UPDATE @ 21:12 – An 82-year-old female has been taken to hospital following the road traffic collision, it has been confirmed.
The vehicle has been recovered and the sub station secured.