The European Bank for Reconstruction and Development ("EBRD") invested in senior unsecured PLN denominated bonds with 7-year maturities, issued by P4 Sp. z o.o. ("Play"), a leading Polish mobile telecom operator.
With its investment of PLN 100 million, EBRD supported Play's bond issuance financing the rollout of 5G technology in Poland.
ETI score: 67
The Transition Impact stems from the following transition qualities:
- Competitive: By supporting the rollout of 5G technology, the Project supports a key driver of digitalisation yielding significant economic benefits.
- Green: The investment in state-of-the-art 5G technologies is projected to result in a substantial reduction in energy consumption per data transferred compared to 4G, thereby contributing to the Green Economy Transition.
P4 SP ZOO
P4 Sp. z o.o. ("Play") is a leading mobile network operator in Poland providing mobile voice, messaging, data, TV and video streaming services for both consumers and businesses. The Company has been recently acquired by French Iliad S.A..
EBRD Finance Summary
Total Project Cost
EBRD's additionality stems from supporting Play's bond issuance at a time of reduced investor demand due to the COVID-19 pandemic and associated lockdown measures. The 7-year tenor is the longest tenor placed in the corporate sector in Poland since the beginning of lockdown measures in spring 2020.
Environmental and Social Summary
Categorised B under the 2019 ESP. Operations and upgrade of existing infrastructure to 5G mobile network will have limited environmental and social impacts. Environmental & Social Due Diligence (ESDD) has been carried out based on publicly available information, as this is a capital market transaction, and included review of the completed Environmental & Social Questionnaire and Company's Annual Report. The Company is an existing client and the ESDD concluded that E&S performance to date is satisfactory. The Company has implemented environmental, H&S and labour management systems based on compliance with EU legislation and monitors its performance through a set of E&S KPIs. The Company is employing close to 1400 staff (55% male, 45% female) has established HR and OHS policies and procedures in line with PR2 and PR4 including a formal employee grievance mechanism and anti-harassment policy. There are no plans for labour restructuring in the next three years. The capex works funded from the bond issue and related to 5G upgrades will be carried out on the existing network infrastructure, which minimises additional environmental impacts. The Company will use its existing contractor management systems to continue to monitor contractor's H&S performance and report to the Bank. The company provides non-financial information in their corporate annual report and is currently planning to expand Environmental, Social and Governance (ESG) disclosure. The Bank will continue to monitor the Company's E&S performance through review of Annual E&S Reports.
Technical Cooperation and Grant Financing
Company Contact Information
+352 286 848 125
4/6, rue du Fort Bourbon L-1249 Luxembourg Grand Duchy of Luxembourg
PSD last updated
05 Mar 2021
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Independent Project Accountability Mechanism (IPAM)
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