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Essential Intelligence: Assessments

Green Transaction Evaluations

S&P Global Ratings Green Transaction Evaluations

Green issuance and investment is on a firm upward trajectory, propelled by the 2015 Paris Climate Agreement, and the impetus it created to finance $1 trillion a year in investments for renewable energy and other initiatives to limit global warming.

At the same time, long-term investors are also recognizing the threat from greenhouse gases and have begun to diversify portfolios away from carbon-based investment. The final push is coming from corporations as they start to contend with the consequences of increasingly extreme and violent weather and flooding. Many are starting to see that managing environmental exposure may be more than risk management; it may be good for business.

S&P Global Ratings Green Transaction Evaluations

Second Party Opinion: Framework and Transaction Level

S&P Global Ratings can provide a second party opinion on a company’s framework or issuance’s alignment with the Green Bond Principles or Green Loan Principles. 

Why get a Second Party Opinion?
  • Gives investors confidence that proceeds are intended to finance green projects 
  • Provides an independent assessment of how your projects align with globally accepted market standards such as the Green Bond Principles or Green Loan Principles
  • Demonstrates the impact and credibility of a green financing or framework to investors

Green Transaction Evaluation 
A Green Evaluation at the transaction level provides investors with an independent and data-driven assessment of the environmental impact and climate risk attributes a security/asset. 

What are the benefits? 

Companies can utilize their Green Transaction Evaluation score and accompanying report to:
  • Clearly articulate the net environmental benefit of a green financing 
  • Help investors easily compare and benchmark against other companies
  • Tell the story of how they contribute to the green transition
  • Meet expectations of investors and regional regulatory standards
  • Increase transparency with additional analysis and rationale of key strengths and weaknesses 
  • Differentiate themselves from their peers by going beyond the standard external review

Technologies in scope of our Green Transaction Evaluation include:
  • Green Buildings
  • Green Energy
  • Green Transport
  • Energy Efficiency
  • Water
  • Fossil Fuel Power Plants (decreased carbon intensity of conventional energy production)
  • Nuclear
  • Agriculture & Forestry
  • Waste

Analytical Approach: Sustainable Finance External Reviews And Opinions
Q&A: Sustainable Finance External Reviews And Opinions - Transaction And Framework Alignment Opinions

Why S&P Global Ratings?
  • Connected - S&P Global Ratings’ extensive outreach and well-established relationships with market participants, including the global financial community, through meetings and other digital channels provides a platform for companies to tell their sustainability story.
  • One-stop shop – A company can obtain a second opinion for both the framework and transaction, as well as a deep-dive impact assessment of the transaction through S&P Global Ratings, minimizing pain points from changing providers.
  • Transparent – In addition to a second opinion we can provide a quantitative, relative green impact score at a transaction level. This deep-dive analysis helps investors understand the green impact of their investment.
  • Credible – We apply the same level of rigor that we do to our credit rating assessments to our green finance second opinions and impact analysis. Our deep dive analysis is powered by the environmental data expertise of Trucost, a long-standing source of environmental data and analytics to the investor community.
<p style="color: #d6002a;"><a href="/ratings/en/research/articles/191204-environmental-social-and-governance-green-evaluation-analytical-approach-11266963">Green Evaluation Analytical Approach</a></p>
<p style="color: #d6002a;"><a href="/ratings/en/research/articles/171206-frequently-asked-questions-s-p-global-ratings-analytical-approach-in-evaluating-green-transactions-10357989">FAQ: S&amp;P Global Ratings' Analytical Approach In Evaluating Green Transactions</a></p>

Green Evaluation: CIFI Holdings' Green Finance Framework And US$500 Million Green Bond, October 22, 2020
Green Evaluation: Greenworks Lending LLC's Pacewell 3 LLC Term Notes Series 2018-1, September 16, 2020

Green Evaluation: Ecoener Emisiones S.A.'s €130 Million Green Project Bond, September 10, 2020

Green Evaluation: Consorcio Transmantaro S.A.'s $200 Million Proposed Senior Unsecured Green Notes, September 8, 2020

Green Evaluation: Washington Suburban Sanitary District Series 2020 Public Improvement Green Bonds, September 1, 2020

Green Evaluation: Korea South East Power Co. Ltd.'s US$300 Million Notes Due 2025, August 7, 2020

Green Evaluation: Ygrene Energy Fund Inc.'s GoodGreen Series 2020-1 Notes, July 17, 2020

Green Evaluation: Arclight Solar Issuer S.A.'s €43.07 Million Green Project Bond, June 5, 2020

Green Evaluation: Royal Schiphol Group's €750 Million Green Bond, April 1, 2020

Green Evaluation: Bothwell Spain S.A.'s €567.8 Million Project Bond & Bank Loan, December 20, 2020

Green Evaluation:Landsea Green Properties Co. Ltd.'s Proposed US$200 Million Green Bond, January 15, 2020

Green Evaluation:Washington Suburban Sanitary District Consolidated Public Improvement Bonds of 2019, December 4, 2019

Green Evaluation: ACS Servicios Comunicaciones y Energía S.L. €750 Million Green Notes, November 15, 2019

Green Evaluation: MPT FINCO Inc.'s Senior Secured Notes, October 29, 2019

Green Evaluation: Portland, Maine General Airport Refunding Revenue Bonds, Series 2019, November 8, 2019

Green Evaluation: Fortini Investments S.A.'s €130.1 Million Project Bond, November 6, 2019

Green Evaluation: Mobilinx Hurontario General Partnership Proposed C$262.8 Mil Senior Secured Bonds, C$487.3 Mil Senior Credit Facility, October 11, 2019

Green Evaluation: Ygrene Energy Fund Inc.'s GoodGreen Series 2019-2 Notes

Green Evaluation: Adani Green Energy Ltd. Restricted Group 2 Proposed US$362.5 Million Green Bonds

€61.2 Million Greenalia Wind Power Eolo Senior And €22 Million Greenalia Wind Power Eolo Project Loans, Sep. 24, 2019

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Green Transaction Evaluations Explained

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