Second-Party Opinion Download

Vinte Viviendas Integrales has developed the Vinte Green Bond Framework, dated May 2025, under which it intends to issue green bonds and obtain green loans to fund projects in Mexico in seven environmental categories. We have assessed the overall Sustainability Contribution of the Framework as Strong, based on the average Sustainability Contribution of the Framework’s seven use of proceeds categories. As per our methodology, we have applied equal weighting across categories.  

Vinte intends to finance environmental expenditures in Green Buildings, Sustainable Water and Wastewater Management, Energy Efficiency, Renewable Energy, Sustainable Management of Resources Natural, Products Technologies Production and Processes Adapted to the Economy Circular, and Prevention and Control of the Contamination. Regarding categories related to energy efficiency, renewable energy, water, green landscapes and waste, the Company will finance energy efficient equipment, the installation of solar PVs or thermal solar equipment, rainwater infiltration systems, urban green spaces and recycling stations, all of which will strongly support the low carbon transition of the homes and communities that the Company develops. 

In the Green Buildings category, Vinte will finance and refinance the construction and retrofit expenditures of residential homes that are or will become certified by two levels of EDGE certification, as referenced in the Framework. For refinancing before 2024, both EDGE certification levels place the houses among the best performing residential buildings with respect to energy efficiency, contributing strongly to the decarbonization of the building sector. However, the certification levels do not require the buildings to be zero-carbon in terms of energy generation, which is particularly relevant to new builds and a pivotal step toward achieving net zero emissions in the building sector by 2050. Nevertheless, the expenditures are expected to significantly reduce buildings emissions and support its decarbonization.  

Regarding expenditures related to circular economy, the Company will finance procurement and R&D expenditures including construction materials that will be used solely in certified homes, which are expected to significantly contribute to the reduction of the embodied emissions in the building stock.  

We have assessed the Framework as Aligned with the Green Bond Principles 2021 and the Green Loan Principles 2025.