Second-Party Opinion Download

USE OF PROCEEDS

The eligible category for the use of proceeds – Green Buildings – 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 9.

PROJECT EVALUATION AND SELECTION

Kaldalón’s Green Finance Committee will be responsible for the evaluation and selection of projects in line with the Framework’s eligibility criteria. Kaldalón has established internal processes to manage environmental and social risks associated with the eligible projects. Sustainalytics considers the risk management process to be adequate and the project selection process to be in line with market practice.

MANAGEMENT OF PROCEEDS

Kaldalón’s Chief Financial Officer will be responsible for the management of net proceeds on a portfolio basis and will track allocation using a Green Finance Register. Kaldalón intends to allocate net proceeds within 24 months of issuance. Pending full allocation, Kaldalón may temporarily invest unallocated proceeds in deposits or invest in money market funds in accordance with its’ investment policy. Sustainalytics considers this process to be in line with market practice.

REPORTING

Kaldalón commits to report on the allocation of proceeds and corresponding impacts in its Green Financing Instrument Report, which will be published on its website on an annual basis until full allocation. The allocation reporting will include information on the amount of the outstanding instruments, the total amount of net proceeds allocated to each project category, the balance of unallocated net proceeds, the amount and percentage of financing versus refinancing and lists of assets to which net proceeds have been allocated. Sustainalytics views Kaldalón’s allocation and impact reporting as aligned with market practice.