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Second Party Opinion (SPO) On Issuers Green Bond Framework
Our client is the largest producer of Renewable Energy in West Africa and issued the first corporate Green Bond in West Africa to fund the cost of re-financing the existing debt for the Hydroelectric Power Plant which they own and operate.
The Challenge
The company is a pioneer in the field of renewable energy and wanted to further reinforce their Green Credentials by issuing the first Corporate Green Bond in West Africa.
The proceeds were used to re-finance their existing debt as well as refurbish some of the turbines of the hydroelectric power plant.
The client had produced a Green Bond Framework (GBF) and looking for an SPO confirming that the GBF complied with the Green Bond Principles (GBP)
Our Solution
Our role was to ensure that the contents within the GBF complied with the four core components of the GBP.
Various documents were provided to the audit team and it was ensured that these provided the evidence required to justify the claims made in the GBF.
The Outcome
- The client was provided with an SPO report which confirmed that their GBF complied with the four core components of the GBP.
- An assurance statement was also provided which summarised the SPO.
- The SPO was used as part of fund raising roadshow and to confirm that the bond issued could be labelled as “Green”.
