El Corte Inglés obtains a loan of 74 million from the EIB to boost its energy efficiency

spain

Cuatrecasas advises El Corte Inglés on the signing of a green loan to boost its energy efficiency and digital transformation plan

Cuatrecasas has advised El Corte Inglés in signing a financing agreement of up to 74 million euros that will allow the Spanish company to boost its energy efficiency and digital transformation plan until 2024. This green loan granted by the European Bank of Investments (EIB) is aligned with the European Green Pact, the ‘REPowerEU’ plan and the ‘Objective 55’ package of measures of the European Union.

The El Corte Inglés energy efficiency plan will be implemented throughout Spain and includes improvements in refrigeration, lighting and air conditioning in its network of facilities and department stores, as well as in the management of its energy consumption. In addition, investments are included in the production of renewable energy in its logistics center in Valdemoro (Madrid) for self-consumption purposes. It is estimated that this roadmap represents up to 176 GWh of energy savings per year and generates about 12 GWh per year of renewable energy.

«We are very grateful to El Corte Inglés for having our advice to obtain this green loan which, in addition to contributing to the reduction of its energy consumption and its ecological transition, in line with European initiatives, allows us to participate in operations of ESG, complying with the Firm’s commitment in this matter”, assures Miguel Cruz, partner of the Financial area of ​​Cuatrecasas who has led this operation.

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