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The reviewed IFC’s investment was to subscribe as an anchor investor with a US$100 million equivalent own-account subscription in a 7-year sustainability-linked bond (SLB) to be issued by Cyfrowy Polsat S.A. (the ‘Issuer’). This was the issuer’s first SLB, and the IFC’s investment was expected to support funding solar, onshore wind, biomass, and green hydrogen projects in Poland and which meet certain pre-determined IFC’s eligibility criteria. Cyfrowy Polsat S.A. (https://www.grupapolsatplus.pl/) (together with its subsidiaries, ‘Grupa Polsat Plus’ or ‘Polsat’) is the largest media company and one of the largest telecom companies in Poland. Grupa Polsat Plus operates under three strategic pillars: media, telecom, and, most recently, green energy. In December 2021, Polsat announced a new strategy to expand into green energy to support Poland’s energy transition efforts. In December 2021, Polsat announced its plans to make its first green energy investment through the acquisition of a 67% stake in PAK Polska Czysta Energia (‘PAK PCE’) from Zespól Elektrowni Patnów-Adamów-Konin (‘ZE PAK’- https://www.zepak.com.pl/). PAK PCE plans to build a portfolio of clean energy generation assets, including wind, solar, biomass, waste-to-energy and green hydrogen production and distribution.  PAK PCE plans to invest c.US$1.1bn until 2026 on developing its energy projects. The proceeds of IFC’s financing support investments on selected energy sub-projects by PAK PCE in Poland with limited adverse environmental and social (E&S) impacts. At time of IFC appraisal  PAK PCE had three operational assets – one large-scale solar farm with capacity of 70 MW and 2 biomass power plants with joint 100 MW capacity (which are not part of IFC financing) and has acquired or initiated another 7 energy projects at different stages of development with a total generation capacity of ca. 400 MW. The Issuer has developed the following sub-projects, which meet the project’s E&S eligibility criteria and have limited E&S impacts which shall be managed per the IFC Performance Standards through the procedures described in the sections below:  Czluchów Wind Power Project (WPP), a 72.6 MW (installed capacity) WPP which consists of 33 wind turbines located in Czluchów commune (Pomorskie Voivodeship, Czluchów Poviat). The WPP is being constructed on converted land previously used for agricultural purposes. It is situated in Poland's Central European mixed forests ecoregion of the temperate broadleaf and mixed forests biome (as designated by the World Wildlife Fund). The sub-project does not fall within the boundaries of any Legally Protected or Internationally Recognized Areas and is not expected to have adverse impacts on fauna. The project area is sparsely populated, with no residential properties within 500 m of a turbine. The subproject has obtained all required local environmental permits, and an ESIA addressing the objectives of the IFC PS was conducted in December 2013 (attached).