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Project Details


Sustainability-Linked Financing Framework Second Party Opinion (2021)


Empresa Generadora de Electricidad Haina, S.A.

Project Type

Transition; Sustainability Linked Bond or Note;

Industry Group

Energy Services

Use of Proceeds



Dominican Republic

Evaluation Date

Oct 2021

Evaluation Summary

Sustainability-Linked Instruments  
Sustainability-Linked Bond Principles 2020, Sustainability-Linked Loan Principles 2021 

Sustainalytics is of the opinion that the EGE Haina Sustainability-Linked Financing Framework aligns with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2021. 

Selection of Key Performance Indicators (KPIs)

Sustainalytics overall considers the KPI to be adequate given that: (i) it is an indirect measure of performance on a highly relevant and material ESG issue for the Company, applicable to the majority of its GHG emissions; (ii) its definition is aligned with credible external methodologies; but (iii) it is not benchmarkable to science-based targets. 

Calibration of Sustainability Performance Targets

Sustainalytics considers the SPT to align with EGE Haina’s sustainability strategy and considers EGE Haina’s SPT to be ambitious given that: (i) it presents a material improvement compared to past performance, and (ii) it aligns with peers. 

Bond/Loan Characteristics

EGE Haina has disclosed that, for any sustainability-linked instrument issued in alignment with the Framework, if the SPT has not been achieved by the target observation date, a premium will be payable by EGE Haina in the form of, but not limited to, a step-up in coupon margin. The amount, timing and mechanism for payment of the premium will be specified in the relevant instrument’s documentation. Premium payments will also be applicable should the Company not report on or publish SPT performance data in a manner supported by a verification assurance. 


EGE Haina commits to report on an annual basis on its performance on the KPI, and expects to include the relevant figures in a sustainability-linked instrument report to be published along with its annual sustainability reporting and on its website16, which is aligned with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2021. EGE Haina further commits to disclose relevant information that enables investors to monitor the level of ambition of the SPT. 


EGE Haina commits to having an external verifier provide limited assurance on the published KPI performance figures for each fiscal year, aligned with the Sustainability-Linked Bond Principles 2020 and Sustainability-Linked Loan Principles 2021on verification. 

Climate Transition Finance Handbook 

Sustainalytics has evaluated EGE Haina’s transition governance, strategy, decarbonization targets, and intentions to report on transition progress and finds EGE Haina to be partially aligned with the recommendations of the Climate Transition Finance Handbook 2020. EGE Haina has adopted climate-related short- and medium-term goals for its pathway to carbon neutrality by 2050; however, Sustainalytics notes that EGE Haina’s transition strategy does not incorporate quantifiable science-based targets.