El Corte Inglés secures EIB support for energy efficiency and innovation plans with a loan of up to €74 million

What: European Investment Bank and El Corte Inglés have signed a financing agreement of up to €74 million that will enable the company to strengthen its energy efficiency and digital transformation plan up to 2024. 

Why it is important: The investment plan will be key to El Corte Inglés’ innovation. The investments financed will enhance business processes in many areas and also assist the company in expanding its cybersecurity capabilities. 

The agreement will help the Spanish company achieve its energy-saving targets and its goal of producing renewable energy for its own use. El Corte Inglés’ energy efficiency plan includes improved refrigeration, lighting, and air conditioning in its department stores and network of facilities; it is expected to save up to 176 GWh of energy and generate around 12 GWh of renewable energy a year. 

The support from EIB for the plan is in line with the European Green Deal, the REPowerEU initiative, and the EU Fit for 55 package.