Early Warning System

Countries

Poland

Geographic location where the impacts of the investment may be experienced.

Financial Institutions

European Bank for Reconstruction and Development (EBRD)

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

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

Jun 25, 2025

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

Swiatlowod Inwestycje SP ZOO

A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.

Sectors

Communications
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)

$ 197.92 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.
Currency conversion note:
Bank reported 720
Converted using 2025-06-25 exchange rate.

Project Cost (USD)

$ 1,017.10 million

Primary Source

Original disclosure @ EBRD website

Updated in EWS Aug 11, 2025

Disclosed by Bank Jun 29, 2025

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

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 project consists of a senior secured loan in favour of Swiatlowod Inwestycje sp. z o.o. ("S-I"), the largest wholesale-only operator of open-access fibre optic infrastructure in Poland. The Bank's financing will support the refinancing of existing debt and Fibre-to-the-Home ("FTTH") network expansion. The financing provided by the commercial lenders and the EBRD includes ESG provisions in accordance with the Green Loan Principles and Sustainability-Linked Loan Principles developed by the Loan Market Association. The structure includes three key performance indicators ("KPIs") related to the circular economy, digital inclusion, and S-I's GRESB score - a globally recognized sustainability benchmark.

The Company needs to refinance its existing debt and secure a capex facility as it enters a new phase of its ambitious FTTH rollout programme in semi-urban areas. S-I plans to extend its FTTH network to reach 3.1 million households across Poland by the end of 2032, with a meaningful share of the expansion targeting digitally underserved communities.

Early Warning System Project Analysis

For a project with severe or irreversible impacts to local community and natural resources, the Early Warning System Team may conduct a thorough analysis regarding its potential impacts to human and environmental rights.

Categorised B. Low risk. The client, Swiatlowod Inwestycje, is the largest wholesale-only operator of open access fibre optic infrastructure in Poland. The Project will support the client's rollout of broadband infrastructure and refinancing.

Investment Description

Here you can find a list of individual development financial institutions that finance the project.

European Bank for Reconstruction and Development (EBRD)

Provision of long-term financing of up to PLN 720 million, of which up to PLN 635 million committed.

The Bank's loan is part of a larger syndicated debt financing package of PLN 3.7 billion, including a PLN 2,090 million Term Loan, a PLN 560 million Capex Facility, a PLN 800m European Investment Bank Facility (incl. Term Loan and Capex Facility), and a PLN 250m Revolving Credit Facility (together, the "Facilities"). On top of the Facilities, there is an additional uncommitted Incremental Facility of PLN 750 million to support further (in)organic growth.

Private Actors Description

A Private Actor is a non-governmental body or entity that is the borrower or client of a development project, which can include corporations, private equity and banks. This describes the private actors and their roles in relation to the project, when private actor information is disclosed or has been further researched.

Swiatlowod Inwestycje is the largest wholesale-only operator of open-access fibre optic infrastructure in Poland. S-I offers FTTH services to Internet Service Providers ("ISPs") who provide end-users with internet and other broadband services. The Company was established in 2021 as a 50/50 joint-venture between Orange Polska, the largest telecom operator in Poland, and APG Asset Management, a leading pension asset manager with extensive experience and a proven track record in telecom infrastructure investments, to roll-out FTTH broadband in semi-dense areas across Poland. The Company hosts 19 active ISPs on its network, including all major Polish players, with Orange Polska as the anchor tenant.

Private Actor 1	Private Actor 1 Role	Private Actor 1 Sector	Relation	Private Actor 2	Private Actor 2 Role	Private Actor 2 Sector
-	-	-	-	Swiatlowod Inwestycje SP ZOO	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.

COMPANY CONTACT INFORMATION

https://s-i.pl

ACCESS TO INFORMATION

You can request information by emailing: accessinfo@ebrd.com or by using this electronic form: https://www.ebrd.com/eform/information-request

ACCOUNTABILITY MECHANISM OF EBRD

The Project Complaint Mechanism (PCM) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an European Bank for Reconstruction and Development (EBRD)-financed project. If you submit a complaint to the PCM, it may assess compliance with EBRD's own policies and procedures to prevent harm to the environment or communities or it may assist you in resolving the problem that led to the complaint through a dialogue with those implementing the project. Additionally, the PCM has the authority to recommend a project be suspended in the event that harm is imminent.

You can contact the PCM at: pcm@ebrd.com or you can submit a complaint online using an online form at: http://www.ebrd.com/eform/pcm/complaint_form?language=en

You can learn more about the PCM and how to file a complaint at: http://www.ebrd.com/work-with-us/project-finance/project-complaint-mechanism.html