Second-Party Opinion Download

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

USE OF PROCEEDS

The eligibility criteria for the use of proceeds (renewable energy, energy efficiency, and green roof systems) are aligned with those recognized by the Green Bond Principles 2018, the Green Loan Principles 2018, and ASEAN Green Bond Standards 2018. Sustainalytics considers that the eligible projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals 7 and 11.

PROJECT EVALUATION/SELECTION

Sunseap’s project selection process involves initial screening by business development teams and final validation by the senior management and the Board of Directors depending on the nature of the project. The project will then be further evaluated and selected based on a number of social and environmental determinants. This is in line with market practice.

MANAGEMENT OF PROCEEDS

Sunseap has committed to tracking the allocation of funds to eligible projects using internal monitoring systems. Unallocated proceeds may be temporarily invested in cash, or cash equivalent instruments. This is in line with market practice.

REPORTING

Sunseap intends to publish an annual report with information on allocation and environmental impacts. Allocation reporting is in line with market practices as the reporting will, on a best effort basis, include total amount of proceeds allocated to eligible projects, percent of portfolio dedicated to new financing vs refinancing, and may be reviewed by an auditor. Impact reporting will provide disclosure on annual energy generation, GHG emissions reduced and installed capacity. Sustainalytics’ encourages Sunseap to provide additional disclosure on the achieved energy efficiency improvement of its projects.