Vena Energy Awarded the Highest Rating by the Japan Credit Rating Agency (JCR) for its Green Finance Framework
[Tokyo, Japan] – Vena Energy, one of the leading independent power producers (IPP) of renewable energy in the Asia-Pacific region, announced today that the company’s Green Finance Framework has received the rating of “Green 1(F)” by Japan Credit Rating Agency Ltd. (JCR). In particular, JCR assigned a rating of “g1” for Vena Energy’s Greenness Evaluation and “m1” for Vena Energy’s Management, Operation and Transparency Evaluation, which resulted in the award of the highest overall rating available.
First established in 2018, Vena Energy’s Green Finance Framework is a policy that describes the philosophy and process of green financing, specifically the use of proceeds through bonds or loans, for projects that have tangible environmental benefits. In line with the Green Bond Principles(1), the Green Loan Principles(2) and the Green Bond Guideline(3), the Framework governs the use of proceeds, project selection and evaluation, the management of the proceeds, and reporting for Vena Energy’s solar and wind projects across the Asia-Pacific region.
“These ratings are a validation that our Green Finance Framework aligns with the highest standards in the industry and augments our contribution to the decarbonization in the region”, said Nitin Apte, CEO of Vena Energy. “This important milestone enables us to strengthen relationships with our stakeholders in Japan and across the Asia-Pacific region and reinforces our commitment to transitioning the region towards renewable energy”.
Vena Energy invests, develops, constructs and operates exclusively in solar and wind renewable energy, and contributes directly to the decarbonization and environmental sustainability of the Asia-Pacific region. Vena Energy’s robust Environment, Social and Governance related risk assessment and mitigation measures are implemented through its Environmental and Social Responsibility (ESR) policy, as well as industry-recognized benchmarks such as the International Finance Corporation’s Performance Standards, and the International Labour Organization’s Basic Terms of Conditions of Work. Vena Energy also aligns its business approach with the sustainable business agenda set forth by the United Nation’s Sustainable Development Goals on affordable and clean energy, and climate action.
Finally, JCR recognized Vena Energy’s effective internal control structure for setting the criteria and processes for selecting eligible green projects. This means that Vena Energy will ensure complete transparency to investors as it discloses its green finance objectives, selection criteria and processes at the time of a green bond issuance.
For more information about the the Japan Credit Rating (JCR) Agency’s rating for Vena Energy’s Green Finance Framework, please download the reports via the links below:
- Published by the International Capital Market Association in 2018
- Published by the Loan Market Association in 2018
- Published by the Ministry of the Environment of Japan in 2017