Second-Party Opinion Download

Sustainalytics is of the opinion that the Green Revolving Equity, GmbH (GRE) 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 Bioenergy – 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) and SDG12 (Responsible Consumption and Production).

PROJECT EVALUATION/SELECTION

GRE, as the parent company, has a dedicated committee for project selection and evaluation that involves site selection and assessment (including technical) and planning and standardization of commissioning process for facilities. All projects will be reviewed and approved by the Güssing Group’s Partner and Managing Director, receiving final approval from the Güssing Group’s CEO and Chairman. Sustainalytics considers project selection process, which includes C-level involvement, to be in line with market best practice.

MANAGEMENT OF PROCEEDS

GRE will manage and track the net use of proceeds through an internal account. Pending allocation, the net proceeds will remain in the GRE’s bank account. This is in line with market practice.

REPORTING

GRE intends to publish an annual statement of the Notes, until full allocation. The allocation reporting will include project type, capacity, amount of funding and location for each bond, as well as relevant impact metrics, where feasible. Sustainalytics views GRE’s allocation and impact reporting as aligned with market practice.