Project Details
Project
Dividend Solar Loan Backed Notes, Series 2018-1
Client
Dividend Solar Finance
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
U.S.
Evaluation Date
Apr 2018
Evaluation Summary
Sustainalytics is of the opinion that the Dividend Solar Green Use of Proceeds Securitized Bond Framework is credible and impactful and aligns with the four pillars of the Green Bond Principles 2017. This opinion is based on:
USE OF PROCEEDS
Dividend’s asset-backed securitization (“ABS”) of residential rooftop Solar Loans is aligned within the four recognized types of green bonds as described in the Green Bond Principles 2017. Sustainalytics is of the opinion that Solar Loans are effective in supporting the uptake of solar installations in the U.S. residential sector.
PROJECT EVALUATION/SELECTION
Dividend’s ABS is collateralized solely by its residential rooftop Solar Loans. Funds for related projects are disbursed to reputable installers following a rigorous consumer, installer, equipment and system underwriting process. Sustainalytics views this process as in line with market best practices.
MANAGEMENT OF PROCEEDS
The proceeds from the issuance of the Series 2018-1 Notes (the “Notes”) will be used by the issuer to acquire the Solar Loans and to pay certain expenses incurred in connection with the issuance of the Notes. The proceeds of the Notes are immediately directed to the underlying depositor that will acquire and convey the Solar Loans to the issuer of the Notes. This process is aligned with market practices.
REPORTING
Dividend commits to disclosing full allocation in the offering memorandum upon the issuance of the Notes. Dividend reports on the aggregate, estimated renewable energy generating capacity of the solar energy systems it has funded and the total assumed renewable energy produced during the lifetime of the projects. The Company’s reporting on allocation and impact of the Notes is aligned with market practices.