Second-Party Opinion Download

Empresa Nacional de Telecomunicaciones S.A. or Entel has developed the Entel Sustainable Finance Framework dated October 2025, under which it intends to issue or obtain green, social or sustainability bonds or loans, including multi-tranche loans and revolving facilities, to fund projects in Chile and Peru, in eight environmental and social categories.  

We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s eight use of proceeds categories. As per our methodology, we have applied equal weighting across categories. 

Expenditures related to Access to Basic Infrastructure and Socioeconomic Advancement and Empowerment are expected to significantly contribute to closing the gap in terms of connectivity coverage and usage in Chile and Peru. While the mobile and fixed network infrastructure expenditures are targeted broadly toward underserved regions, including areas where service coverage gaps may be less significant, expenditures on emergency telecommunication services and the provision of digital devices are more specifically directed at sub-regions or target populations with more acute connectivity needs. Expenditures focused on closing the connectivity usage gap target individuals and micro, small and medium enterprises (MSMEs) with clearly identified unmet needs. While certain products and services will be offered free of charge, others may be provided at a subsidized rate, creating uncertainty regarding their access to the target populations. 

Under the Renewable Energy, Energy Efficiency, Clean Transportation, Green Buildings, Pollution Prevention and Control, and Climate Change Mitigation among Clients categories, financed projects are expected to make a strong contribution to Entel’s decarbonization and resource-use efficiency goals. 

We have assessed the Framework as Aligned with the Green Bond Principles 2025, Green Loan Principles 2025, Social Bond Principles 2025, Social Loan Principles 2025 and Sustainability Bond Guidelines 2021.