Second-Party Opinion Download

Sustainalytics is of the opinion that the Green Finance Framework – SWCH 2025-DATA CMBS 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 category for the use of proceeds – Energy and Resource Efficiency – is aligned with those recognized by the Green Bond Principles. Sustainalytics considers that investments in the eligible category will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7. 

PROJECT EVALUATION AND SELECTION

Switch has selected three assets in accordance with the eligibility criteria under the Framework and evaluated the characteristics of the Mortgaged Properties against available benchmarks and industry best practices applicable to the design, construction and completion of data centres. Switch has mandated subject matter experts to evaluate the environmental and social risks associated with the Project and implemented related mitigation measures as needed. Sustainalytics considers the project selection process in line with market practice. 

MANAGEMENT OF PROCEEDS

The proceeds from the issuance will be exclusively used to purchase the mortgage loan to refinance the Mortgaged Properties. Proceeds will be immediately allocated after the issuance with no flexibility to reallocate. This is in line with market practice. 

REPORTING

The depositor commits to providing investors with a description of the Mortgaged Properties and the details of their sustainability features, including the PUE ratio, as part of the initial offering document. Given the intent to immediately allocate the proceeds to purchase the mortgage loans and refinance the eligible assets, Sustainalytics views Switch’s allocation and impact reporting to be aligned with market practice.