Second-Party Opinion Download

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

USE OF PROCEEDS

The eligible categories for the use of proceeds, Renewable Energy and Energy Efficiency, 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 SDG 7.  

PROJECT EVALUATION AND SELECTION

EnFin’s Green Finance Working Group oversees the project evaluation and selection process based on the eligibility criteria stipulated in the Framework. The Group comprises the Finance, Risk and Operations teams. EnFin has adopted policies and procedures to manage relevant environmental and social risks associated with the projects. Sustainalytics considers the project selection process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

The Green Finance Working Group will be responsible for the management and allocation of proceeds to eligible projects. EnFin will track the allocation of proceeds through an internal tracking system. The Company intends to allocate the majority of all proceeds immediately, with any remaining proceeds allocated to a pre-funding account to be used within three months of issuance to purchase eligible assets originated or refinanced up to 36 months prior to the issuance. This is in line with market practice. 

REPORTING

EnFin commits to publish an upfront report on the allocation and impact of proceeds on a third-party website at the time of each issuance. Sustainalytics views EnFin’s upfront allocation and impact reporting as aligned with market practice.