Second-Party Opinion Download

Sustainalytics is of the opinion that the Hanwha Solutions Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and the Green Loan Principles 2020. 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 2018 and the Green Loan Principles 2020. Sustainalytics considers that the eligible category is expected to facilitate renewable energy generation in countries where the Company operates and advance the UN Sustainable Development Goals, specifically SDG 7.

PROJECT EVALUATION/SELECTION

Hanwha Solutions’ internal process in evaluating and selecting projects is overseen by the Green Financing Working Group (“GFWG”) comprised of members from Hanwha’s Accounting, Planning, Legal, Environment & Safety Teams and led by the International Finance or Finance Team. It will be the responsibility of the GFWG to ensure allocation is in line with the eligibility criteria, facilitate reporting and manage any future updates to the Framework. Sustainalytics considers the project selection process is in line with market practice.

MANAGEMENT OF PROCEEDS

Proceeds of the green bond or loan will be tracked by the Company’s GFWG using a dedicated ledger, which will include information on Green Bond or Loan details, eligible green project list, and amount of unallocated proceeds. Hanwha intends to reach full allocation 24 months after issuance. Pending allocation, unallocated proceeds will be held in cash or invested in short-term liquid money instruments. Sustainalytics views this process as in line with market practice.

REPORTING

Hanwha Solutions intends to report on allocation and impact of proceeds on its website, as part of a dedicated green bond report, on an annual basis until full allocation. Allocation reporting will include the amount of proceeds allocated to the eligible green project category, the amount of unallocated proceeds, the share of financing vs refinancing, description of eligible projects, and project examples where possible. In addition, Hanwha Solutions is committed to reporting on relevant impact metrics. Sustainalytics views Hanwha Solutions’ allocation and impact reporting as aligned with market practice.