Second-Party Opinion Download

Sustainalytics is of the opinion that the Baseload Capital Green Bond Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the geothermal and waste heat to energy projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals.

PROJECT EVALUATION/SELECTION

Baseload Capital’s internal process for evaluating and selecting projects is led by the company’s executive management team in cooperation with its investment committee, which consists of members of the board of directors. Research and technical studies are used to ensure projects comply with local market requirements. This approach is aligned with market practice.

MANAGEMENT OF PROCEEDS

Baseload Capital will place net proceeds from green bond issuances in a separate bank account, where they will be earmarked for assets and projects defined as eligible in the Baseload Capital Green Bond Framework. All unallocated proceeds from green bonds will be managed and invested according to Baseload Capital’s overall investment policy.

REPORTING

Baseload Capital intends to report allocation of proceeds and impact metrics in a yearly report. Reporting will include a list of eligible assets and projects financed by the green bond proceeds, investments by eligible category, new financing vs. refinancing and an overview of unallocated proceeds. Baseload Capital’s impact reporting will cover electricity generation capacity from renewable heat sources in MW, electricity generation in MW and electricity production. In Sustainalytics’ view, reporting on these metrics is aligned with market practice.