XF-BAZOBC8-T R&I Green Bond Assessment/Second Opinion
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R&I Green Bond Assessment/Second Opinion (2022). R&I Green Bond Assessment/Second Opinion. XFID: XF-BAZOBC8-T. Retrieved from https://xframework.id/XFBAZOBC8T
XF-BAZOBC8-T Changes from Previous Version
The 2022 update of Renewable Japan Co., Ltd.'s sustainability bond document reflects an evolution in both the framework and the underlying project portfolio. Key changes include an upgrade in standards alignment from Green Bond Principles 2018/Green Loan Principles 2020 to the 2021 versions, a shift in use of proceeds from new project construction and acquisition to debt refinancing for existing 33 PV plant sites, and organizational restructuring with the introduction of RJ Investment Co., Ltd. as a distinct asset manager. The bond issuance also increased substantially in scope and value (from JPY 12.7 billion to JPY 20.3 billion) and extended maturity to 2048.
- modified Standards Alignment — Updated reference standards from Green Bond Principles 2018 and Green Loan Principles 2020 to Green Bond Principles 2021 and Green Loan Principles 2021
- modified Use of Proceeds — Changed from funding construction of new PV plants and purchasing operational plants to refinancing existing debt for acquisition of 33 operational PV plant sites across 10 prefectures
- clarified Eligibility Criteria — Narrowed scope to portfolio-based refinancing model for existing PV assets held by investment vehicle, rather than mixed new construction and acquisition approach
- modified Governance Structure — Introduced RJ Investment Co., Ltd. as separate asset manager entity, whereas previous version had sponsor (RJ) directly managing assets