Project Details
Project
BPPEH Green Financing Framework Second-Party Opinion
Client
Blackstone Property Partners Europe Holdings S.à r.l.
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Luxembourg
Evaluation Date
Mar 2021
Evaluation Summary
Sustainalytics is of the opinion that the Blackstone Property Partners Europe Holdings Green Financing Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018 and the Green Loan Principles 2021. This assessment is based on the following:
USE OF PROCEEDS
The eligible categories for the use of proceeds – Green Buildings, Renewable Energy, Energy Efficiency, Clean Transportation, and Tenant Relationships – are aligned with those recognized by the Green Bond Principles 2018 and the Green Loan Principles 2021. Sustainalytics considers that the eligible categories will lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDG 7, 9 and 11.
PROJECT EVALUATION/SELECTION
Blackstone Property Partners Europe Holdings’ eligible projects will be evaluated and selected by a Green Finance Committee made up of senior management representatives and professionals of the Company across business units and disciplines. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
The Company, under the supervision of the Green Finance Committee will be responsible for allocating the net proceeds to eligible projects and actual spend will be monitored using its internal systems. Pending allocation, all or a portion of the net proceeds may be used for the payment of outstanding indebtedness or other capital management activities. Sustainalytics considers the management of proceeds process to be in line with market practice.
REPORTING
Blackstone Property Partners Europe Holdings intends to report on allocation of proceeds on its website on an annual basis until full allocation or while financing instruments remain outstanding. In addition, to the extent practicable, the Company intends to report on relevant impact metrics such as green building certification level, renewable energy installed capacity and annual energy savings. Sustainalytics views the allocation and impact reporting as aligned with market practice.