Second-Party Opinion Download

Sustainalytics is of the opinion that the Genneia Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan Principles 2023. 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 and the Green Loan 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

Genneia’s eligible projects will be evaluated and selected by the Sustainable Finance Committee based on the criteria in the Framework. The committee, overseen by the Chief Financial Officer, comprises representatives from the Sustainability, Project Development, Commercial and New Business, and Finance teams. Genneia has a process in place to address environmental and social risks associated with the projects financed. Sustainalytics considers the project selection process to be in line with market practice. 

MANAGEMENT OF PROCEEDS

Genneia’s Finance Department will be responsible for tracking bond proceeds and maintaining a record of all allocations made from issuances under the Framework. Genneia has communicated to Sustainalytics that it will track proceeds using an existing internal tracking system. Genneia has confirmed that it intends to allocate proceeds to eligible projects as soon as practicable. Pending allocation, unallocated proceeds will be held in cash, cash equivalents or other liquid market securities in line with Genneia’s internal liquidity management policy. Sustainalytics considers this process to be in line with market practice. 

REPORTING

Genneia commits to report on the allocation of proceeds on its website on an annual basis until full allocation. The allocation reporting will include a list of eligible project categories with a selection of brief descriptions and the outstanding amount of net proceeds from the issuance of any green financing yet to be allocated to eligible projects at the end of the reporting period. In addition, Genneia intends to report on relevant impact metrics. Sustainalytics views Genneia’s reporting commitments to be aligned with market practice.