R&I Green Bond Assessment/Second Opinion

Between the 2022 and 2023 versions of Renewable Japan Co., Ltd.'s green bond assessments, several substantive changes emerged reflecting program evolution. The framework updated its standards alignment from Green Bond Principles 2018 and Green Loan Principles 2020 to the newer Green Bond Principles 2021 and Green Loan Principles 2023, indicating adoption of more recent industry guidance. The bond issuance expanded significantly from a single facility (Yokkaichi Yamada PV Power Plant) to a portfolio of 24 PV power plant sites across 15 prefectures, with corresponding increases in issue amounts and issue limits. Additionally, the 2023 version introduced explicit eligibility criteria governance, specifying that any additional plants acquired within the first year must match the quality and eligibility standards of initially selected plants, providing more structured investment boundaries.

• modified Standards Alignment — Updated standards alignment from Green Bond Principles 2018 and Green Loan Principles 2020 to Green Bond Principles 2021 and Green Loan Principles 2023
• expanded Use of Proceeds — Expanded from refinancing a single existing PV power plant to funding acquisition of 24 PV power plant sites across 15 prefectures in a portfolio approach
• tightened Eligibility Criteria — Added explicit requirement that any additional PV power plants acquired during the first year must be of the same quality and satisfy the same eligibility criteria as initially selected plants
• clarified Eligibility Criteria — Introduced one-year window restriction for additional plant acquisitions with explicit quality assurance requirements tied to original eligibility standards