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Thursday, February 2, 2023
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Cuatrecasas helps ECI secure €74m financing from EIB

Cuatrecasas has advised El Corte Inglés on the signing of a financing agreement for up to €74 million with the European Investment Bank (EIB) that will enable the Spanish company to boost its energy efficiency and digital transformation plan until 2024

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This green loan granted by the European Investment Bank (EIB) is aligned with the European Green Pact, the ‘REPowerEU’ plan and the European Union’s ‘Objective 55’ package of measures. The REPowerEU initiative, which was announced by the European Commission in May, aims to accelerate the green transition by rolling out renewable energy in homes, industry and power generation to replace fossil fuels, enhancing energy saving measures in the short, medium and long term

El Corte Inglés’ energy efficiency plan includes improved refrigeration, lighting and air conditioning in its network of facilities and department stores, as well as better energy consumption management. It also covers investments in the production of decentralised and integrated renewable energy for self-consumption in its logistics centre in Valdemoro (Madrid). These measures will be implemented across Spain, with more than half of the sites located in EU cohesion regions. El Corte Inglés’ energy efficiency plan is expected to save up to 176 GWh of energy and generate around 12 GWh of renewable energy a year.

“We are very grateful to El Corte Inglés for relying on 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 ESG operations, fulfilling the Firm’s commitment in this area,” said Miguel Cruz, a partner in Cuatrecasas’ Finance practice who led this transaction.

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