Second-Party Opinion Download

Sustainalytics is of the opinion that the Portland General Electric Company Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021. This assessment is based on the following: 

USE OF PROCEEDS 

The eligible categories for the use of proceeds — Renewable Energy, Energy Efficiency, Clean Transportation, and Climate Change Adaptation — are aligned with those recognized by the Green Bond 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 11.  

PROJECT EVALUATION / SELECTION 

Portland General Electric Company’s Treasury Department will be in charge of assessing and selecting Eligible Investments. The Treasury Department will collaborate with subject matter experts from other departments as needed, including Accounting, Financial Planning and Analysis, Investor Relations and Legal.  Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS 

Portland General Electric Company’s Treasury Department will establish a record to track the allocation of proceeds to Eligible Investments. Pending allocation proceeds will be managed according to the company’s normal liquidity management practices, and the Company intends to fully allocate proceeds within 36 months of issuance. This is in line with market practice.

REPORTING 

Portland General Electric Company intends to publish on its website a Green Bond Report annually until full allocation. The Green Bond Report will include a list of Eligible Investments, amounts allocated, and proceeds not yet allocated. In addition, Portland General Electric Company is committed to reporting on relevant impact metrics. Sustainalytics views Portland General Electric Company’s allocation and impact reporting as aligned with market practice.