SK IET Poland (IFC-46728)

Countries
  • Poland
Geographic location where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
B
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Apr 5, 2023
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Borrower
SK HI-TECH BATTERY MATERIALS POLAND SP.Z O.O
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 300.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Project Cost (USD)
$ 750.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. Please review updated project documents for more information.
Bank Documents
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 16, 2023

Disclosed by Bank May 26, 2023

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Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed description.

According to the Bank’s website, the proposed IFC investment involves a 7 year senior loan of up to $300 million to SK hi-tech battery materials Poland sp. zo.o. (“SK Poland”), comprising (i) an A loan of between US$150 million and US$200 million (but no more than US$200 million) for IFC’s own account; and (ii) a syndicated loan of between US$100 million and US$150 million (but no more than US$150 million). SK Poland is the Polish subsidiary of SK ie technology Co. Ltd (“SKIET” or the “Company”), a manufacturer of lithium-ion battery separators (“LiBS”), a key component of batteries used in electric vehicles (EVs). Currently, SKIET has a total LiBS manufacturing capacity of 1.53bn square meters (sqm) across 4 production facilities in 3 countries, i.e. South Korea, China and Poland. SKIET is listed on the Korea Stock Exchange since May 2021 with a market capitalization of US$3.5 billion equivalent (as of March 13, 2023).IFC’s investment will support the on-going construction and expansion of SK Poland’s production facility in Dabrowa Górnicza, Poland to meet the fast-growing demand for electric vehicles batteries in Europe (the “Project”). 

Investment Description
Here you can find a list of individual development financial institutions that finance the project.
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - SK hi-tech Battery Materials Poland sp. zo.o. Client -

Contact Information
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.

SK hi-tech battery materials Poland sp. zo. o
Taejun (Ted) Sim
Chief Operating Officer
+48539011701
tjshim@sk.com
SK hi-tech battery materials Poland sp. zo. o Innowacyjna 1, 42-520 Dabrowa Górnicza, Poland
http://eng.skietechnology.com/

ACCESS TO INFORMATION

You can submit a request for information disclosure at: https://disclosures.ifc.org/#/inquiries

If you believe that your request for information from IFC has been unreasonably denied, or that this Policy has been interpreted incorrectly, you can submit a complaint at the link above to IFC's Access to Information Policy Advisor, who reports directly to IFC's Executive Vice President.

ACCOUNTABILITY MECHANISM OF IFC/MIGA

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org

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How it works