El Corte Inglés secures €74 million loan from EIB to boost energy efficiency

Cuatrecasas has advised El Corte Inglés on signing a financing agreement of up to €74 million that will enable the Spanish company to boost its energy efficiency and digital transformation plan up to 2024. The green loan granted by the European Investment Bank (IEB) is fully in line the European Green Deal, the REPowerEU Plan and the European Commission’s Fit for 55 package.

El Corte Inglés will implement its energy efficiency plan throughout Spain, including improved refrigeration, lighting and air conditioning in its network of facilities and department stores, and energy consumption management. It also covers investments in the production of renewable energy for self-consumption in its logistics center in Valdemoro (Madrid). This energy efficiency plan is expected to save up to 176 GWh of energy and generate around 12 GWh of renewable energy a year.

Cuatrecasas Finance partner Miguel Cruz, who led the legal advisory services, said: “We are very grateful to El Corte Inglés for trusting our legal counsel to obtain this green loan that—in addition to contributing to its energy consumption reduction and ecological transition, in line with the EU initiatives—allows us to participate in ESG operations and meet the firm’s commitment in this area.”