Second-Party Opinion Download

Sustainalytics is of the opinion that the Williams Caribbean Capital (WCC) Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on the following:

USE OF PROCEEDS

The eligible category for the use of proceeds – Renewable Energy – is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers the eligible category to have positive environmental impact and to advance the UN Sustainable Development Goals, specifically SDG7 (Affordable and Clean Energy).

PROJECT EVALUATION/SELECTION

WCC’s Executive Management, Williams Solar (as installation and maintenance partner), WCC’s Trustee and fund-raising partner conduct project selection and evaluation process based on conformance with specific eligibility criteria. Sustainalytics considers project selection process in line with market practice.

MANAGEMENT OF PROCEEDS

WCC’s Trustee, acting on behalf of the bond holders, will track the use of proceeds. The private placement memorandum issued by the bond Trustee specifies the planned allocation of the proceeds that are collected by the Trustee and held in bank accounts until fully allocated. This is in line with market practice.

REPORTING

WCC is obliged to publish quarterly updates and annual audited accounts to the bond Trustee. The quarterly updates provide comparisons against the private placement memorandum during the tenor of the bond notes. The quarterly reporting includes, but is not limited to, the planned allocations on project-basis with capital and operational expenditures, as well as relevant impact metrics such as size and locations of solar PV deployed. Sustainalytics views WCC’s quarterly allocation and impact reporting as aligned with market best practice.