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Second-Party Opinion Download

Project Details


Encevo S.A Green Schuldschein Framework Second Party Opinion (2021)



Project Type

Green Bond/Loan

Industry Group

Energy Services

Use of Proceeds

Clean transport; Renewable energy; Energy efficiency; Green buildings;



Evaluation Date

Oct 2021

Evaluation Summary

Sustainalytics is of the opinion that the Green Schuldschein Framework is credible and impactful and aligns to the four core components of the Green Bond Principles 2021. This assessment is based on the following: 


The eligible categories for the use of proceeds (i) Renewable Energy, (ii) Energy Transmission, Distribution and Smart Grid Projects, (iii) Sustainable Real Estate, and (iv) Clean Transportation Solutions are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7, 9 and 11. 


Encevo’s Green Schuldschein Committee comprised of representatives from Business, Corporate Social Responsibility (CSR), Legal and Group Finance Teams is responsible for the selection and approval of eligible projects. Encevo has in place environmental and social risk management processes that are applicable to all allocation decisions in the Framework. Sustainalytics views this to be adequate and considers the project selection process in line with market practice. 


Encevo’s Group Finance and Treasury Department has established an internal segregated monitoring system to track the allocation of Green Schuldschein Proceeds. Encevo intends to fully allocate within three years of each issuance and will hold unallocated Schuldschein proceeds in its internal cash pooling, managed according to its prudent liquidity management practices. Sustainalytics considers this approach to be in line with market practice. 


Encevo intends to report on allocation of proceeds on its website on an annual basis until full allocation. The allocation reporting will include a list of eligible projects, amounts allocated to each category, and the share of the net proceeds allocated to financing and refinancing. In addition, Encevo is committed, where feasible, to reporting on relevant impact metrics. Sustainalytics views Encevo’s allocation and impact reporting as aligned with market practice.