Second-Party Opinion Download

Sustainalytics is of the opinion that the Midsummer Green Bond Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The use of proceeds category (Renewable Energy) is recognized as impactful by the Green Bond Principles 2018. Sustainalytics considers that Midsummer’s eligible projects will lead to positive environmental impacts and advance the UN Sustainable Development Goal 7.

PROJECT EVALUATION/SELECTION

Midsummer’s project evaluation and selection will be executed by its Green Bond Committee, which consists the CEO, CFO and the Chairman of the Board. Moreover, the Green Bond Committee will also ensure that green bond investments are in line with all relevant internal policies and guiding documents. This process is aligned with market practices.

MANAGEMENT OF PROCEEDS

Proceeds of the green bonds will be earmarked and traceability of the net proceeds will be secured through a system in which each investment will be noted in a spreadsheet and assigned a wp account number. If the total amount of proceeds from green bonds exceed the total value of eligible projects, the excess liquidity could be invested according to Midsummer’s liquidity and liability management activities. Sustainalytics views this process in line with market practice.

REPORTING

Midsummer will publish annually an investor letter on its corporate website, which will contain an allocation report and an impact report. The allocation reporting will provide a list of approved eligible assets and projects, including the allocated amounts, and the amount invested in each investment category. In its impact reporting, Midsummer will provide relevant data on impact metrics. Sustainalytics views Midsummer’s reporting practices as aligned with market practice.