Project Details
Project
River Green Finance Green Bond Second-Party Opinion
Client
River Green Finance
Project Type
Green Bond/Loan
Industry Group
-
Use of Proceeds
-
Location
Ireland
Evaluation Date
Nov 2019
Evaluation Summary
Sustainalytics is of the opinion that the River Green Finance 2019 DAC (River Green Finance) Green Securitized 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 – Green Buildings – is aligned with those recognized by the Green Bond Principles 2018. Sustainalytics considers that the eligible project will lead to positive environmental impacts and advance the UN Sustainable Development Goal 11 (Sustainable Cities and Communities).
PROJECT EVALUATION/SELECTION
River Green Finance has selected and assessed the eligible project, along with the loan originator, Goldman Sachs. The mortgage loan is provided through approvals from Goldman Sachs’ various internal committees to acquire the eligible project. This is in line with the market practice.
MANAGEMENT OF PROCEEDS
River Green Finance intends to use the net proceeds from mortgage-backed notes to refinance the acquisition loan for the eligible project. The eligible project will act as mortgages backing the securitization. This is in line with the market practice.
REPORTING
River Green Finance intends to provide allocation reporting on a quarterly basis until the maturity of the securitization, as well as impact reporting until full allocation of the securitization. The allocation reporting will include information such as the size of the outstanding loans, prepayments, defaults, and losses. The impact reporting may have quantitative indicators, where feasible. This is in line with market best practice.