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Sustainable Financing
Taxonomy definition
  • Definition of proprietary classification methodology for sustainable and non-sustainable projects propia da opciones para la modificación del modelo de negocio, gestión, diseño de producto, inversión, reporting throws up opportunities for proactively modifying and enhancing the business model, management approach, product design, investment strategy and reporting and risk analysis effort at the firm.
  • Project and operational analysis by sector and sub-sector
    • By NACE code.
    • By rationale: “Green”/ “Brown”.
    • By operation type.
    • Definition of 'green' sectors (e.g., power generation from renewable sources).
    • Definition of 'green' rationales (e.g., purchase of electric vehicles).
    • Definition of the documentation/certification needed to identify 'green' projects in the event of audit.
    • Reporting on the positive impact on the portfolio.
  • Report – Academic back-up for the taxonomy
    • Selection criteria.
    • Documents needed for green certification.
    • Impact indicators.

Design of sustainable financial instruments for the public sector
  • Analysis of market deficiencies, funding gap and investment requirements
    • Analysis of supply and demand for financing in the financial system.
    • Analysis of existing financial instruments.
  • Definition of the instrument: green bonds, social bonds, other sustainable instruments (loans, guarantees, etc.)
  • Definition of the investment strategy
    • Definition of the target market based on analysis of the market failure and funding gap.
    • Analysis of public sources of joint financing for the instrument (international organisations, official credit institutes, etc.)
    • Flowcharts depicting interrelationships between the parties involved in managing, monitoring and controlling the instrument.
    • Legal analysis and analysis of state aid.
  • Assistance with the certification process
  • Results and instrument viability
    • Instrument performance and structure modelling (financial analysis, costs, non-performance, etc.)
    • Calculation of leverage and basic indicators/ratios.
    • Implementation scenarios and sensitivity analysis for the instrument.

Structuring sustainable finance instruments
  • Definition of the optimal financing instrument: green bonds, social bonds, sustainable loans, guarantee instruments, etc.
  • Financial structuring
    • Transaction design: use of proceeds, financing terms and conditions, covenant structure, guarantees and warranties.
    • Development of the business plan/financial model in the customary format used by investors/financiers for analytical purposes.
    • Tightening the transaction's credit risk and assistance with the ratings process.
  • Sustainability structure
    • Definition of the use of proceeds in order to comply with sustainability targets.
    • Assessment of reporting and monitoring systems.
    • Assistance with the process of obtaining third-party assessment/certification for ESG criteria compliance purposes.
    • Corporate governance assessment.
  • Placement of the transaction with investors/financiers
    • Search for private investors: institutional, banks, family offices, fixed-income/equity funds, etc.
    • Search for public investors: EIB, EIF, ICO, regional/local funds, etc.
    • Coordination of and advice on negotiations with investors through to transaction close.

Issue research
  • Market trends in Green, Social & Sustainable Finance
    • Market monitoring and technical reports.
  • Analysis of specific issues and value relative to comparables
    • Reports on specific issues and relative value (intra-asset class and cross asset classes)
    • Analysis of 'green premium' versus 'brown discount'.
  • Analysis of regulatory developments and emerging market standards
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