WARSAW — Allen & Overy has advised International Finance Corporation (IFC), a member of the World Bank Group, in relation to its  EUR 137 million investment in subordinated green bonds issued by Bank Zachodni WBK, to expand its capital base and increase its capacity to finance climate-related projects.

This is the first green bonds issuance in Poland by a commercial bank, following the Polish government’s green bonds issuance last year – recognized by Climate Bonds Initiative as the first government issuance of green bonds worldwide. With IFC’s support, BZ WBK will be able to significantly expand its existing climate portfolio in renewable energy, green buildings, and climate-smart equipment, among others.

The Allen & Overy team was led by partner Dan Cocker supported by senior associates Maciej Dymnicki and Lukasz Walczyna and associate Mateusz Chodosz.

“We are very pleased to have advised IFC and worked with BZ WBK on this first-of-a kind transaction which provides a strong boost for investment in Poland's climate financing market.” said Dan Cocker, the partner who leads Allen & Overy’s CEE international project finance practice.