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Second-Party Opinion Download

Project Details


Georgian Renewable Power Operations Green Bond Framework Second-Party Opinion (2022)


Georgian Renewable Power Operations JSC

Project Type

Green Bond/Loan

Industry Group


Use of Proceeds




Evaluation Date

Jun 2022

Evaluation Summary

Sustainalytics is of the opinion that the Georgian Renewable Power Operations 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: 


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 is expected to support the increase in share of renewable energy in Georgia and advance the UN Sustainable Development Goals, specifically SDG 7. 


GRPO’s Green Bond Committee (GBC) will be responsible for reviewing and approving eligible projects. GRPO's Environment and Social Management Systems are applicable to all allocation decisions made under the Framework. Sustainalytics considers these risk management systems to be adequate and views this as in line with market practice.  


GRPO’s Finance Department will manage the allocation of the net proceeds, using an established register. GRPO intends to allocate proceeds immediately after issuance. This is in line with market practice. 


GRPO commits to provide allocation and impact reporting via an external report which will be published on the Company’s website on an annual basis until full allocation of proceeds. The report will include the following information: total amount allocated to eligible projects, share of proceeds allocated to the refinancing of eligible projects, and balance of unallocated proceeds. Additionally, GRPO is committed to, where feasible, reporting on relevant impact indicators, including GHG emissions avoided in tCO2e, along with the impact calculation methodology. Sustainalytics views GRPO’s allocation and impact reporting as aligned with market practice.