ICO grants a loan of 35 million euros to ILUNION to finance its environmental investments
24 October 2019
- This amount represents 50% of the energy and environmental efficiency item in the 2018/2021 Investment Plan
- The EIB provided funds to finance the other 50% of these projects
ILUNION has signed a loan with Instituto de Crédito Oficial (ICO) for a total amount of 35 million euros. This will be used to finance 50% of the investments to improve the energy and environmental efficiency of its businesses and that form part of its 2018/2021 Investment Plan. The ultimate goal of this plan is to continue creating quality employment for people with disabilities in increasingly sustainable and excellent businesses.
The credit granted by ICO will have a duration of 9 years, including two grace period years. This financing complements that granted by the European Investment Bank (EIB) through the Investment Plan for Europe known as the "Juncker Plan". This is the first loan granted to a social economy company in Spain under this Plan.
ILUNION's investment programme until 2021 focuses on the renewal of its chain of industrial laundries, the incorporation of more energy-efficient technologies, the construction of a hotel, and the rehabilitation of those already in use. In addition, it will promote investment in R&D+i to develop applications and software that improve the lives of people with all types of disabilities and that facilitate their inclusion in the work environment.
These investments will allow ILUNION to save up to 60GWh of electricity per year by renewing its industrial laundries' equipment and increasing their energy efficiency by reusing the heat generated in the washing processes, as well as facilitating accessibility for people with disabilities in hotels and facilities, where renovation will take place.
With this financing granted to ILUNION, the largest employer of people with disabilities in Spain, ICO achieves a double objective: supporting innovative projects that promote the social inclusion of people with disabilities, mainly through employment and improving the accessibility of products, services and work environments, and facilitating the development of specific investments in energy efficiency, particularly in the industrial and tourism sectors, which are fundamental to the Spanish economy.
ICO is a corporate state-owned entity attached to the Spanish Government's Ministry of Economy and Business. ICO has become a benchmark in the financing of both SMEs and large investment projects. ICO contributes to business growth and the generation of employment, promoting those economic activities which, due to their social, cultural, innovative or ecological importance, deserve promotion and development.
ILUNION is the brand of the ONCE Social Group companies and a benchmark in the creation of quality employment for people with disabilities around the world. It is a socially responsible business project that operates in accordance with economic and social profitability criteria. It has a workforce of over 39,000 workers, of which 41% are people with disabilities.
ILUNION operates through 50 business lines and has over 500 work centres throughout Spain. Some of its companies are leaders in their sectors, such as ILUNION Laundry and Hospitality Services, and are benchmarks in other sectors such as customer service and physical and technological accessibility.