White & Case Advises PKN Orlen S.A. on Establishing €5 Billion Eurobond Issue Programme and First Green Eurobond Issue

Global law firm White & Case LLP has advised PKN Orlen S.A., one of the largest and most advanced multi-energy groups in Central and Eastern Europe, on the establishment of a €5 billion EMTN programme and the first issue of €500 million 1.125% Green Bonds due 2028 issued under the programme.

The transaction was the first Green Bond issue from Poland by a company outside the financial sector, and was certified by the Climate Bonds Initiative, endorsing the Green Bonds for the best market standards for climate integrity, transparency and the use of proceeds.

In accordance with PKN Orlen's Green Finance Framework, the proceeds from the issue will finance green projects carried out by the company for the construction and acquisition of new renewable energy systems capacity, the further development of a network of high speed electric car chargers and charging infrastructure for buses and hydrogen cars, as well as the development of waste recycling facilities. Vigeo Eiris, a Moody's affiliate, provided the second party opinion, which confirms the compliance of the Green Finance Framework with the Green Bond Principles and Climate Transition Finance Handbook international standards.

The Green Bonds are listed on the Euronext Dublin regulated market and will be listed on the Warsaw Stock Exchange. 

The White & Case team which advised on the transaction comprised partners Marcin Studniarek (Warsaw) and Stuart Matty (London), counsel Bartosz Smardzewski (Warsaw) and associates Damian Lubocki and Dawid Książek (both Warsaw) and Jessica Oliver (London).

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