Cyfrowy Polsat Green Bond



Project number:


Business sector:

Information and Communication Technologies

Notice type:


Environmental category:


Approval date:

28 Jan 2020



PSD disclosed:

22 Dec 2020

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Project Description

The European Bank for Reconstruction and Development (EBRD) invested in senior unsecured, Zloty (PLN) denominated Green Bonds with 7 year maturities issued by Cyfrowy Polsat S.A., a leading Polish telecommunications and media company.

Project Objectives

With its investment of PLN 200 million the EBRD supported the first corporate Green Bond issuance in Poland.

Transition Impact

ETI score: 65

The Transition Impact stems from the following transition qualities:

-          Resilient: By supporting the introduction of a new financial product, the project contributes to the development of the local corporate bond market.

-          Green: The issuance will re-finance Cyfrowy's capital expenditure in a large range of energy efficient projects, thereby contributing to the Green Economy Transition.

Client Information


Cyfrowy Polsat operates across the full spectrum of telecommunications services and offers free-to-air television broadcasting and content production, satellite pay television, mobile telephony, fixed and mobile broadband, mobile television and online video. The company has been listed on the Warsaw Stock Exchange since 2008.

EBRD Finance Summary

PLN 200,000,000.00

Total Project Cost

PLN 1,000,000,000.00


EBRD's additionality stems from supporting Cyfrowy's effort to tap the Green Bond market with a tenor and size which significantly exceeds market averages in the Polish bond market.

Environmental and Social Summary

Categorised B (ESP 2014). Participation in the Green Bond subscription by the listed media-telecommunication company, the Bank's existing client, has limited environmental and social impacts which can be readily addressed. Environmental and Social Due Diligence (ESDD) has been carried out by the examination of the publicly available information as well as for the preceding project in 2018. ESDD showed that there are no significant environmental and social issues associated with the project. The first annual report for the preceding project has not yet been due.  For this project, the Company will be required to continue to comply with EBRD PRs as well as submit an annual environmental and social report. These requirements are incorporated into a Framework Agreement. It is noted that an independent verification of the bond proceeds in line with Green Bond Principles has been conducted.

The Company has a sustainability policy as well as implements an electronic equipment recycling scheme. The Company is in compliance with relevant Polish law as well as pertinent EBRD PRs. It is also accredited with ISO14001 and IDSO9001.

Technical Cooperation and Grant Financing


Company Contact Information

Cyfrowy Polsat

PSD last updated

22 Dec 2020

Understanding Transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and Compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.

OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD Enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email to get guidance and more information on IPAM and how to submit a request.


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