Project Details
Project
Enerjisa Green Finance Framework Second-Party Opinion (2021)
Client
Enerjisa Enerji A.Ş
Project Type
Green Bond/Loan
Industry Group
Utilities
Use of Proceeds
Renewable energy; Energy efficiency; Clean transport;
Location
Türkiye
Evaluation Date
Nov 2021
Evaluation Summary
Sustainalytics is of the opinion that the Enerjisa Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Renewable Energy, Energy Efficiency, Clean Transportation, and Research and Development – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will contribute to positive environmental impacts and advance the UN Sustainable Development Goals (“SDGs”), specifically SDGs 7, 9 and 11.
PROJECT EVALUATION / SELECTION
Enerjisa Enerji’s Green Finance Committee, comprising of representatives from its Finance, Treasury, Sustainability, Investment Planning, and Investor Relations departments, is responsible for the evaluation and selection of projects. Enerjisa Enerji has in place environmental and social risk management processes that are applicable to all allocation decisions made under the Framework. Sustainalytics considers the project selection process to be aligned with market practice.
MANAGEMENT OF PROCEEDS
Enerjisa Enerji’s Finance, Treasury, and Investment Planning departments will be responsible for the tracking and management of the net proceeds. Enerjisa Enerji intends to achieve full allocation of proceeds within 24 months of each issuance and will temporarily hold or invest unallocated proceeds in cash pools managed by its Treasury department in line with its internal liquidity policies. This is in line with market practice.
REPORTING
Enerjisa Enerji intends to report on the allocation of proceeds to its investors on an annual basis until full allocation. The allocation reporting will include details on the allocation of proceeds per project and per category, and the proportion of financed and refinanced projects. In addition, Enerjisa Enerji intends to report on qualitative and quantitative impacts and has provided indicative metrics within the Framework. Sustainalytics views Enerjisa Enerji’s allocation and impact reporting as aligned with market practice.