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Polish fibre optic network operator clinches US$1 billion loan
Financing will expand high-speed internet coverage to 3.1 million households by the end of 2032
Michael Marray   9 Jul 2025

A consortium of financial institutions has closed a 3.7 billion zloty ( US$1.02 billion ) refinancing of Światłowód Inwestycje, Poland’s largest wholesale-only fibre-optic network operator.

Established in 2021, Światłowód Inwestycje is a 50/50 joint venture between Orange Polska and APG Asset Management, a Dutch pension asset manager with extensive experience in telecommunications infrastructure investment.

The financing package comprises a term loan of 2.09 billion zlote, a capex facility amounting to 560 million zlote, another 800 million zlote from the European Investment Bank ( including both term loan and capex components ), and a revolving credit facility of 250 million zlote. An uncommitted incremental facility of up to 750 million zlote is also available to support further growth.

Bookrunners and mandated lead arrangers were Bank Pekao, BNP Paribas Bank Polska, European Bank for Reconstruction and Development ( EBRD ), EIB, ING Bank Śląski, PKO Bank Polski, Société Générale, TFI PZU, and UniCredit. Mandated lead arrangers were Bank Gospodarstwa Krajowego and Santander Bank Polska. Lead arrangers were mBank and Raiffeisen Bank International. Norton Rose Fulbright advised the consortium.

The facilities provided by the commercial lenders and EBRD include ESG provisions aligned with the Green Loan Principles and Sustainability-Linked Loan Principles developed by the Loan Market Association. The EIB loan is in line with the EU financing arm’s top environmental and social standards for sustainable and inclusive development.

The financing package refinances the company’s existing debt and provides funding for the next phase of its long-term fibre-optic rollout strategy. Following this investment, an additional 700,000 Polish households will gain access to high-speed internet, bringing the total network coverage target to 3.1 million households by the end of 2032.

“These transactions are pivotal for the continued development of Poland’s fibre-optic infrastructure and for expanding digital access across the country," says Warsaw-based Norton Rose Fulbright counsel Marta Kaweck.