Second-Party Opinion Download

Sustainalytics is of the opinion that the Aydem Renewables Green Financing Framework is credible, impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2025. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories, Renewable Energy – Power Generation and Renewable Energy – Electricity Storage, 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 SDG 7.

PROJECT EVALUATION AND SELECTION

Aydem’s Finance Department will be responsible for managing the project selection process in collaboration with various business departments and the Sustainability, Health, Safety and Environment teams. Following an evaluation by the Investment Board Committee, the Company’s board of directors will provide final approval for projects in line with the Framework’s eligibility criteria. Aydem’s Risk Management Department conducts environmental impact assessments and project-based risk assessments, covering sustainability and ESG topics on the projects financed under the Framework. Sustainalytics considers the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Aydem’s Treasury Team will be responsible for the management of proceeds, with oversight from its board of directors. The Treasury Team will track the allocation of proceeds using Aydem’s internal financing accounts. Aydem intends to reach full allocation within three calendar years of each issuance. Pending allocation, proceeds will be temporarily invested in cash and cash equivalents in line with Aydem’s Liquidity and Cash Flow Policy. This is in line with market practice.

REPORTING

Aydem will report on the allocation of proceeds and corresponding impact in its Integrated Annual Report, which the Company will publish on its website on an annual basis until full allocation, or in case of any material changes and revolving credit facilities, until the maturity date of the relevant instruments. Allocation reporting will include the total amount of net proceeds allocated to eligible projects, the breakdown of proceeds allocated by eligible projects, the balance of unallocated proceeds and the share of financing versus refinancing. Sustainalytics views the Company’s allocation and impact reporting as aligned with market practice.