Second-Party Opinion Download

Sustainalytics is of the opinion that the Atlantica Sustainable Infrastructure Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds, Renewable Energy and Energy Efficiency, are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7 and 9.

PROJECT EVALUATION AND SELECTION

For issuances by Atlantica and California Buyer Limited (CBL), Atlantica’s ESG and Finance teams will be responsible for evaluating and selecting assets in line with the Framework’s eligibility criteria. Atlantica has an ESG risk management and governance process to evaluate and manage the environmental and social risks associated with the eligible green assets. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

For issuances by Atlantica and CBL, Atlantica’s ESG and Finance teams will oversee the management and allocation of proceeds using a portfolio approach and an internal tracking system to monitor and account for proceeds. Atlantica intends to allocate proceeds within 36 months from the date of the relevant transaction. Pending full allocation of an amount equal to the net proceeds, proceeds will be held temporarily in cash, cash equivalents or other forms of available short-term funding sources. This is in line with market practice.

REPORTING

For issuances by Atlantica and CBL, Atlantica will report on allocation and impact of proceeds in a Green Finance Report on its website on an annual basis until full allocation. Allocation reporting for issuances by CBL and Atlantica will include the amount of net proceeds allocated to eligible green assets, balance of unallocated proceeds, share and amount of financing versus refinancing and geographical distribution of the eligible green assets. In addition, Atlantica intends to report on relevant impact metrics in its Green Finance Report. Sustainalytics views Atlantica’s allocation and impact reporting commitments as aligned with market practice.