Project Details
Project
Protisa Perú Green Bond Second-Party Opinion
Client
Protisa Perú
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Peru
Evaluation Date
Oct 2018
Evaluation Summary
Sustainalytics is of the opinion that the Protisa Perú 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 categories for the use of proceeds – energy efficiency, pollution prevention & control, and sustainable water management–are aligned with those recognized by the Green Bond Principles. Sustainalytics considers that the projects will lead to positive environmental impacts and advance the UN Sustainable Development Goals 6, 7, and 9.
PROJECT EVALUATION/SELECTION
CMPC has established a Sustainability Committee to validate project selection and oversee the allocation process of green bond proceeds. This Committee is chaired by CMPC’s Chief Financial Officer and Chief of Sustainability and Environment, with representatives from departments within CMPC and Protisa. This is in line with market practice.
MANAGEMENT OF PROCEEDS
Protisa has established an internal monitoring process to track the allocation of proceeds and has stated its intention to allocate the net proceeds of the Green Bond within two years of issuance. Pending full allocation, funds will be held in cash, cash equivalents, or money market instruments. This is in line with market practice.
REPORTING
The issuer has committed to reporting annually on the allocation, including the total amount allocated and a list of projects funded, and the impact, including quantitative indicators, of green bond funds, until the net proceeds of the bond(s) are fully allocated. This is in line with market practice.