Second-Party Opinion Download

Sustainalytics is of the opinion that the EEW Green Financing Framework aligns with the four core components of the Green Bond Principles 2018 and Green Loan Principles 2021. This assessment is based on the following:

USE OF PROCEEDS

The eligible categories for the use of proceeds -  Energy Efficiency and Pollution Prevention & Control, Eco-Efficient and Circular Economy Adapted Products, Production Technologies and Processes, Renewable Energy, and Clean Transportation - are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7, 9, 11 and 12. 

PROJECT EVALUATION / SELECTION

EEW’s internal project evaluation and selection process is overseen by the Company’s strategic Steering Committee (the “Committee”) comprised of the Management Board, Supervisory Board and Shareholder. The Committee is responsible for reviewing and validating eligible projects, and monitoring the Eligible Project Portfolio. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

EEW will use its internal tracking and accounting systems to manage the net proceeds from financing instruments issued under the Framework. Pending full allocation of proceeds, EEW is committed to hold the balance of net proceeds in its treasury liquidity reserve and to manage the proceeds in accordance with the Company’s cash management policies. The proceeds are expected to be allocated within 36 months. This is in line with market practice. 

REPORTING

EEW intends to report on the allocation of proceeds annually on its website, until full allocation. The allocation reporting will include a list of eligible projects, total amount allocated for each project from proceeds raised, the share of financing vs. refinancing and any unallocated balance. In addition, where feasible, the Company is committed to reporting on relevant impact metrics such as estimated CO2 emissions reduction (in tCO2eq) or total power generated from renewable energy at plant sites (MWh). Sustainalytics views EEW’s allocation and impact reporting as aligned with market practice.