Second-Party Opinion Download

Sustainalytics is of the opinion that the Coriance Green Financing Framework aligns with the four core components of the Green Bond Principles 2018 and Green Loan Principles 2018. 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 2018 and Green Loan Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goal 7.

PROJECT EVALUATION/SELECTION

Coriance’s internal process for evaluating and selecting projects is managed by the Executive Committee and representatives of other parties nominated as subject matter experts. The process follows a top down approach to identify brownfield and greenfield opportunities in the French District Heating (“DH”) sector that are aligned with the eligibility criteria outline in the Framework. Sustainalytics considers this process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Coriance’s processes for management of proceeds is handled by the management team and the CFO. The Company intends to allocate the proceeds to refinance the debt drawn for existing projects and finance already identified projects in the near future. Unallocated proceeds will remain in the cash account or may be invested in low risk financial products in the money market. This is in line with market practice.

REPORTING

Coriance intends to report on allocation of proceeds to investors, on an annual basis, until full maturity of the bond. Reporting will include a breakdown of proceeds, amount of unallocated proceeds or undrawn commitments and a description of the activities financed. In addition, Coriance is committed to reporting on relevant impact metrics. Sustainalytics views Coriance’s allocation and impact reporting as aligned with market practice.