Second-Party Opinion Download

Sustainalytics is of the opinion that the EnVolt Limited Green Bond Framework is credible and impactful 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 category for the use of proceeds Renewable Energy is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7.

PROJECT EVALUATION AND SELECTION

EnVolt’s board will evaluate, select and monitor eligible projects. The board consists of the Company’s CEO, the CEO of ENL Property Limited, the head of finance of ENL Limited and the business development director of ENL Property Limited. EnVolt has internal processes to address environmental and social risks associated with the eligible assets. Sustainalytics considers these processes to be in line with market practice.

MANAGEMENT OF PROCEEDS

EnVolt’s board will be responsible for the management and allocation of proceeds to eligible projects through third party independent control mechanisms. EnVolt intends to allocate all proceeds within 36 months of issuance. Pending allocation, unallocated proceeds will be temporarily held in cash or cash equivalents. This is in line with market practice.

REPORTING

EnVolt intends to report on the allocation of proceeds on its website on an annual basis. This report will include the net proceeds raised from issuances, description of the financed projects, confirmation that the portfolio projects meet the eligibility criteria, aggregate amount of proceeds allocated, and information on temporarily invested unallocated proceeds. In addition, EnVolt is committed to reporting on relevant impact metrics. Sustainalytics views EnVolt’s allocation and impact reporting commitments as aligned with market practice.