Project Details
Project
Unión de Créditos Inmobiliarios Green Finance Framework Second-Party Opinion (2023)
Client
Unión de Créditos Inmobiliarios
Project Type
Green Bond/Loan
Industry Group
Diversified Financials
Use of Proceeds
Green buildings; Energy efficiency; Renewable energy;
Location
Spain
Evaluation Date
Feb 2023
Evaluation Summary
USE OF PROCEEDS
The eligible categories for the use of proceeds – Green Buildings, Energy Efficiency, and Renewable Energy – are aligned with those recognized by the Green Bond Principles and Green Loan Principles. Sustainalytics considers that investments in the eligible categories are expected to lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 7 and 9.
PROJECT EVALUATION AND SELECTION
UCI’s Sustainability, Risk and Reporting departments will be responsible for evaluating and selecting eligible assets. UCI’s Sustainability and Risk teams will approve the selected projects and submit to the Executive Committee for final approval. UCI will undertake an ESG risk assessment concerning all allocation decisions made under the UCI Green Finance Framework. Sustainalytics considers the project selection process to be in line with market practice.
MANAGEMENT OF PROCEEDS
UCI’s Assets Liability Management Committee, in collaboration with the Structured Finance department will track the allocation of proceeds through internal reporting systems. UCI intends to allocate the proceeds to eligible assets within 60 months of issuance and prior to the maturity of the financial instruments issued. Pending allocation, proceeds will be temporarily held in cash, cash equivalents or other liquid marketable investments. Sustainalytics considers it good practice to allocate the proceeds within 36 months of issuance and considers that UCI’ use of a tracking system and disclosure on the temporary use of proceeds to be in line with market practice.
REPORTING
UCI intends to report on the allocation of proceeds and corresponding impacts on its website on an annual basis until full allocation. Allocation reporting will include the total amount of green finance instruments issued, the allocation of net proceeds, the amount of unallocated proceeds and the share of financing versus refinancing. Sustainalytics views UCI’s allocation and impact reporting as aligned with market practice.