Zara fashion brand owner sets up renewables unit in Spain

Spanish textile giant Inditex SA (BME:ITX), best known as the owner of the fashion brand Zara, has set up a subsidiary in the home region of Galicia, Spain, with the goal to branch out into the renewables territory.

Inditex Renovables SL was founded on April 16 with a capital of EUR 3,000 (USD 3.600), according to Monday’s issue of the commercial registry gazette. The stated purpose of the new company is to produce and commercialise thermal and electrical energy through plants that use renewable energy sources.

Inditex Renovables is led by Javier Losada Montero, the chief sustainability officer of the Inditex group, the registration data show.

The Inditex group does not plan to sell its output on the market, instead it is seeking to reduce its energy dependence on third parties, Spanish daily La Voz de Galicia reported citing the company sources.

According to multiple media reports last week, Inditex filed an application with the Port Authority of La Coruna, seeking to install three wind turbines at the outer harbour. These turbines would generate electricity to support the needs of the Port’s facilities and those of the Inditex group, the reports stated.

(EUR 1.0 = USD

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