Skip to main content

Second-Party Opinion Download

Project Details

Project

Vacse Green Bond Framework Second-Party Opinion (2025)

Client

Vacse AB

Project Type

Green Bond/Loan

Industry Group

Real Estate

Use of Proceeds

Green buildings; Renewable energy; Energy efficiency;

Location

Sweden

Evaluation Date

Jan 2025

Evaluation Summary

Sustainalytics is of the opinion that the Vacse Green Bond 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 – Green Buildings, Renewable Energy and Energy Efficiency – 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 9.

PROJECT EVALUATION AND SELECTION

Vacse’s Sustainable Finance Committee is responsible for evaluating and selecting projects in line with the Framework’s eligibility criteria. Vacse has an internal system for identifying and managing environmental and social risks associated with eligible projects, which will be monitored by the Sustainable Finance Committee. Sustainalytics considers the project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

Vacse’s Treasury department is responsible for the management of proceeds and tracking their allocation using a green register through a portfolio approach. The Company intends to fully allocate the net proceeds as soon as possible, but no later than 36 months from the date of issuance. Pending full allocation, proceeds will be temporarily invested in short-term interest-bearing securities such as Swedish treasury bills or Swedish municipal notes. This is in line with market practice.

REPORTING

Vacse will report on allocation and the corresponding impact on its website on an annual basis until the maturity of the bonds and in the event of material developments. Allocation reporting will include the nominal amount of outstanding green bonds, a list of financed projects, the proportion of net proceeds allocated by eligible category and geographical distribution, the share of new financing and refinancing, and the amount of unallocated proceeds, if applicable. Sustainalytics views Vacse’s allocation and impact reporting commitments as aligned with market practice.

https://mstar-sustops-cdn-mainwebsite-s3.s3.amazonaws.com/docs/default-source/spos/vacse-green-bond-framework-second-party-opinion-(2025).pdf?sfvrsn=d361801f_1