Second-Party Opinion Download

Sustainalytics is of the opinion that the Liberty Power 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 two green categories for Eligible Use of Proceeds – (i) Renewable Energy Generation, and (ii) Energy Management – are aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers the Eligible Green Project Categories to have positive environmental impact and to advance the UN Sustainable Development Goals, specifically Goal 7.

PROJECT EVALUATION/SELECTION

Liberty Power’s Treasury team, along with its project development and construction teams, APUC’s Enterprise Risk management Team, and select members of APUC’s executive team, will conduct the project selection process. Sustainalytics considers this to be in line with market practice.

MANAGEMENT OF PROCEEDS

Liberty Power will track the net use of proceeds through a Green Bond Register. The proceeds of transaction will be deposited in the general account and earmarked for allocation to Eligible Investments. Pending allocation, proceeds will be invested in short-term investment instruments. This is in line with market practice.

REPORTING

Liberty Power intends to publish annual information on its website or in its financial statements. The allocation reporting will include the amounts allocated to Eligible Investments and the use of short-term investment instruments for any balance of unallocated proceeds. The reporting may also include the amount allocated by Eligible Investment, the examples of Eligible Investments being financed, as well as impact reporting on relevant metrics, where feasible. Sustainalytics views Liberty Power’s allocation and impact reporting as aligned with market practice.