Second-Party Opinion Download

Sustainalytics is of the opinion that the Hydro Ottawa 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 four Eligible Categories for the use of proceeds – (i) Renewable Energy Generation, (ii) Clean Transportation, (iii) Green Buildings, and (iv) Pollution Prevention and Control – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers the Eligible Categories to have positive environmental impact and to advance the UN Sustainable Development Goals, specifically 7, 11, and 12

PROJECT EVALUATION/SELECTION

Hydro Ottawa’s Treasury department, with advice from internal stakeholders including the company’s project development and construction team and select members of Hydro Ottawa’s Executive Management Team, will conduct the project selection process. Sustainalytics considers this to be in line with market practice.

MANAGEMENT OF PROCEEDS

Hydro Ottawa will track the net use of proceeds through a Green Bond Register. The proceeds of transaction will be held in segregated account(s) consisting of cash and/or short-term money market instruments. This is in line with market practice.

REPORTING

Hydro Ottawa intends to publish annual information, as required, on its website or in its financial statements. The allocation reporting will include the amounts allocated to Eligible Categories and the balance of unallocated proceeds. The reporting may also include the amount allocated by Eligible Category, the examples of Eligible Investments being financed, as well as impact reporting on relevant metrics, where feasible. Sustainalytics views Hydro Ottawa’s allocation and impact reporting as aligned with market practice.