ECI ENERGY EFFICIENCY AND INNOVATION

Promoter – Financial Intermediary

EL CORTE INGLES SA

Location

• Spain

Description

The project supports the promoter's energy efficiency and innovation plan during the period 2022-2024. In particular, energy investments range from the implementation of energy management systems, including renewable energy, to refrigeration, lighting and cooling improvements in existing centres. Innovation investments include platform developments, cybersecurity, big data and advanced analytics that will improve existing business processes and help to implement new ones.

Additionality and Impact

The operation will support the implementation of the promoter's Climate Action plan (50% of the investment costs), targeting investments energy efficiency ("EE") and small building integrated renewable energy projects (PV) in commercial buildings in Spain. The EIB involvement in this project will help to correct market failures around EE investments and support the promoter's plan to reduce its energy consumption and address the increase in prices provoked, contributing to the implementation of the Spanish National Energy and Climate Plans (NECP). 

Moreover, investments in Digital innovation and Artificial Intelligence are aligned with EU policy objectives and are key to strengthen the competitiveness of the sector. In addition, by supporting investments in Cybersecurity, the project is also expected to contribute to the Bank's European Security Initiative (ESI).

The operation is expected to yield very good quality and results, thanks to avoided GHG emissions and governance arrangements.

EIBs contribution will be instrumental to accelerate Climate Action and Environmental Sustainability investments, supporting the increase in competitiveness in a complex market environment. EIB's tenor and customized terms and conditions, complement the promoter's overall financing structure, providing a positive signal to other financiers.

Objectives

The aim of the project is to support the promoter's competitiveness through innovative activities that enable the expansion into new business areas, while also taking energy savings measures that contribute to the security and diversification of energy supply in the EU.

Sector(s)

• Services - Wholesale and retail trade; repair of motor vehicles and motorcycles

Proposed EIB finance (Approximate amount)

EUR 74 million

Total cost (Approximate amount)

EUR 118 million

Environmental aspects

The project activities do not fall under the Annexes I or II of the environmental impact assessment (EIA) Directive2014/52/EU amending the EIA Directive 2011/92/EU. In addition, the project activities are expected to be carried out in existing facilities that are already used for the same purposes and that are not expected to change their scope due to the project. As such, the project activities are not subject to a mandatory EIA.

Procurement

The promoter has been assessed by the EIB as being a private company not being subject to EU rules on public procurement or concessions. However, if at the project appraisal, the EIB were to conclude that the promoter is subject to the EU public procurement legislation then the Bank would duly inform the Commission Services and would require the promoter to apply those rules.

Status

Signed - 18/01/2023