Second-Party Opinion Download

Sustainalytics is of the opinion that the Greenko Group Green Bond Framework is credible and impactful and aligns to 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 is expected to promote the development of renewable energy in India and advance the UN Sustainable Development Goals, specifically SDG 7. 

PROJECT EVALUATION / SELECTION

Greenko’s Business Development Department, Greenko Integrated Management System (GIMS) department, and the Environmental, Health, and Safety (EHS) team oversaw the project selection process, including commercial feasibility and eligibility. All eligible projects have undergone a voluntary Environmental and Social Impact Assessment (ESIA) or have an Implementation of Environmental and Social Management System (ESMS) based on the International Finance Corporation’s (IFC’s) Performance Standards on Environmental and Social Sustainability. Sustainalytics considers this to be in line with market practice. 

MANAGEMENT OF PROCEEDS

Greenko intends to immediately allocate the net proceeds, after bond issuance, towards refinancing the eligible green assets. The amount equal to net proceeds of the green bond will be deposited in bank account for the interim period before being disbursed to eligible assets through Greenko’s subsidiaries. This is in line with market practice.

REPORTING

Greenko intends to publish an annual report on its website, once immediately allocated to eligible projects. The allocation reporting will include list of all projects refinanced with descriptions and amounts allocated to each eligible project, as well as relevant impact metrics. Sustainalytics views Greenko’s allocation and impact reporting to be in line with market practice.