Second-Party Opinion Download

Sustainalytics is of the opinion that the GoodGreen 2022-1 Private Placement Memorandum and the Green Bond Language (as defined below) contained therein is credible and impactful and aligns to 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 are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the financing of home upgrades related to renewable energy, energy efficiency, water conservation, and disaster resiliency will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 6 and 7. 

PROJECT EVALUATION / SELECTION

Ygrene’s financing is intended to be provided only for eligible PACE projects, as defined by the legislative mandates for the PACE programs in California and Florida. Ygrene intends to reference a list of eligible product types in assessing eligibility. It addresses environmental and social risks by ensuring compliance with the local and state permitting codes, health and safety standards, and the minimum product specifications and installation quality requirements mandated by the respective PACE programs. This is in line with market practice.  

MANAGEMENT OF PROCEEDS

The net proceeds of Ygrene’s green bond issuance are intended to be deposited in a segregated account and disbursed by the Program Administrator to originate eligible projects. This is in line with market practice. 

REPORTING

Ygrene will disclose, in its Private Placement Memorandum, the total amount to be allocated. While ongoing tracking of the actual impact is not feasible due to the nature of the projects funded, Ygrene intends to report on the aggregated environmental benefits, based on an impact estimation model, of the financed projects on an annual basis. This is in line with market practice.