Project Details
Project
Aster Group Framework for Sustainable Finance Second-Party Opinion
Client
Aster Group Limited
Project Type
Sustainability Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.K.
Evaluation Date
Dec 2020
Evaluation Summary
Sustainalytics is of the opinion that the Aster Group Framework for Sustainable Finance is credible and impactful and aligns with the Green Bond Principles 2018 (GBP), Social Bond Principles 2020 (SBP), Sustainability Bond Guidelines 2018 (SBG) and Green Loan Principles 2020 (GLP). This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds — Affordable Housing and Green Buildings — are aligned with those recognized by the GBP, SBP and GLP. Sustainalytics considers that the eligible categories will lead to positive environmental or social impacts and advance the UN Sustainable Development Goals, specifically SDG 9 and 11.
PROJECT EVALUATION/SELECTION
Aster Group Limited intends to rely on its internal Group Asset and Investment Panel for project evaluation and selection. Sustainalytics notes that the composition of this panel includes senior management representatives from different departments and considers the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Aster Group Limited intends to maintain a separate record for proceeds raised from financings under this Framework. Net proceeds are intended to be allocated towards refinancing of existing projects with a lookback period of three years or financing new projects within two years from date of issuance with unallocated proceeds managed in accordance with the Company’s treasury management policy. This is in line with market practice.
REPORTING
Aster Group Limited intends to report on the allocation of proceeds on an annual basis until full allocation. In addition, Aster Group Limited is committed to reporting on relevant impact metrics. Sustainalytics views Aster Group Limited’s allocation and impact reporting as aligned with market practice.