Skip to main content

Second-Party Opinion Download

Project Details

Project

VIVAQUA Green Finance Framework Second-Party Opinion (2025)

Client

VIVAQUA

Project Type

Green Bond/Loan

Industry Group

Utilities

Use of Proceeds

Water/waste water management; Pollution prevention and control; Natural resources/land use management; Sustainable aquaculture/fisheries; Energy efficiency; Renewable energy;

Location

Belgium

Evaluation Date

Jan 2025

Evaluation Summary

USE OF PROCEEDS

The eligible categories for the use of proceeds – Sustainable Water and Wastewater Management, Pollution Prevention and Control, Terrestrial and Aquatic Biodiversity, Energy Efficiency and Renewable Energy – are aligned with those recognized by the Green Bond Principles and the Green Loan Principles. Sustainalytics considers that investments in the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 6, 7, 9, 12 and 15.

PROJECT EVALUATION AND SELECTION

VIVAQUA’s Green Finance Committee will be responsible for the evaluation and selection of projects in line with the Framework’s eligibility criteria. The committee comprises the CEO, the CFO, the Head of Investments and the Head of the Green Team. The committee will undertake an environmental and social risk analysis to evaluate and manage the environmental and social risks associated with the eligible projects. Sustainalytics considers the project selection and evaluation process to be in line with market practice.

MANAGEMENT OF PROCEEDS

VIVAQUA’s Treasury and Accounting departments will be responsible for the management of proceeds using a balance sheet approach and will track their allocation to eligible projects through an internal accounting system. VIVAQUA intends to fully allocate net proceeds at issuance or at most within 24 months of issuance. Unallocated proceeds will be temporarily held in cash or cash equivalents, in accordance with VIVAQUA’s treasury criteria. This is in line with market practice.

REPORTING

VIVAQUA will report on the allocation of proceeds and corresponding impacts on an annual basis until the maturity of the green finance instruments and will make the reports publicly available on its website. Allocation reporting will include: i) the aggregate amount of issued green finance instruments; ii) the total amount of assets in the eligible green assets on the balance sheet; and iii) the amount of unallocated proceeds, if any. In addition, VIVAQUA intends to report on relevant impact metrics. Sustainalytics views VIVAQUA’s allocation and impact reporting as aligned with market practice.

https://mstar-sustops-cdn-mainwebsite-s3.s3.amazonaws.com/docs/default-source/spos/vivaqua-green-finance-framework-second-party-opinion-(2025).pdf?sfvrsn=f6291099_1