Second-Party Opinion Download

USE OF PROCEEDS

The eligible categories for the use of proceeds – Green Buildings, Renewable Energy and Energy Efficiency – are aligned with those recognized by the Green Bond Principles and Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7 and 9.

PROJECT EVALUATION AND SELECTION

P3 has established a Green Financing Committee, which will be responsible for evaluating and selecting eligible projects in line with the Framework’s eligibility criteria. P3 also conducts an environmental and social risk impact assessment for all new allocation decisions made under the Framework. Sustainalytics considers the risk assessment and mitigation process and project selection process to be adequate and aligned with market practice.

MANAGEMENT OF PROCEEDS

P3’s Treasury Department will be responsible for the management and allocation of net proceeds and will track the net proceeds through an internal register based on a portfolio approach. P3 intends to allocate all net proceeds within 24 months of issuance. Pending allocation, net proceeds will be managed in accordance with P3’s liquidity management policy or any other treasury business, including repaying debt not associated with carbon-intensive assets. This is in line with market practice.

REPORTING

P3 commits to report on the allocation of net proceeds on its website annually until full allocation. Allocation reporting will include the total amount of net proceeds allocated at the category level, number of eligible projects, share of financing and refinancing, eligible green assets per type and balance of unallocated net proceeds. In addition, P3 intends to report on relevant impact metrics. Sustainalytics views P3’s allocation and impact reporting as aligned with market practice.