Project Details
Project
Ecoener Green Finance Framework Second-Party Opinion (2022)
Client
Grupo Ecoener S.A.
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Spain
Evaluation Date
Apr 2022
Evaluation Summary
Sustainalytics is of the opinion that the Ecoener Green Finance Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021 and the Green Loan 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 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 / SELECTION
Ecoener’s Finance Department oversees the internal process for evaluating and selecting projects in line with the Company’s Sustainability Policy and the Framework’s eligibility criteria. The Management Committee has final approval. This process includes environmental and social risk assessment processes applicable to all allocation decisions under the Framework. Sustainalytics considers these risk management systems to be adequate and the project selection process in line with market practice.
MANAGEMENT OF PROCEEDS
Ecoener’s Treasury team will manage the allocation of proceeds to dedicated accounts. Ecoener intends to fully allocate all proceeds within 24 months of issuance. Unallocated proceeds will be held in cash, cash equivalents or invested at Grupo Ecoener’s discretion. This is in line with market practice.
REPORTING
Ecoener intends to report on allocation and impact of proceeds on its website on an annual basis until full allocation. Reporting will include allocated amounts broken down by projects and expenditures, and the balance of unallocated proceeds. In addition, Ecoener is committed to reporting on relevant impact metrics. Sustainalytics views allocation and impact reporting as aligned with market practice.