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Green Financing Framework, EU Factsheet and opinion

TESTATA Green Financing Framework, EU Factsheet and opinion

Green Financing Framework, EU Factsheet and opinion

Green Financing framework and opinion

The Hera Group, in line with its sustainability strategy and the Net Zero 2050 objective, uses sustainable financing instruments, such as Green Bonds, Sustainability-Linked Bonds and ESG Loans.

These instruments, in accordance with market best practices, require the preparation of some preliminary documents, aimed at representing the company's business and aligning its economic activities with the European Taxonomy.

To align itself with market best practices, Hera has decided to comply with both ICMA standards, by providing the Green Financing Framework, and with the European Green Bond Standard by preparing the EU Green Bond Factsheet.

Hera’s Green Financing Framework

In May 2019, Hera structured a Green Financing Framework in which Hera defined a list of project categories that may be selected to be financed through Green Bonds and Green Loans, on the basis of specific environmental criteria. Lists have been checked by external providers, in order to guarantee that the funds are correctly allocated. For each area of projects, a set of indicators has been defined that reflects the environmental benefits linked to each single initiative.

This information is described within the Green Financing Framework, which contains:

the environmental targets expected to be reached through the Green Bond
the process involved in identifying the projects
a description of the macro-categories containing projects to be financed or refinanced
the process that ties the bond to the completion of the projects
a description of the methodology used to calculate the impact of the Green Bond.

In 2022, the Green Financing Framework was updated to align with the regulations and technical screening criteria required by the European Taxonomy, integrating economic activities that contribute to climate change mitigation and adaptation objectives.

In January 2026, Hera updated its Green Financing Framework by integrating the other four objectives of the European Taxonomy and aligning it with the Blue Finance Guidelines with the possibility of issuing Blue Bonds and Blue Loans to finance taxonomic activities related to its Integrated Water Cycle.

S&P Global Rating has issued a Second Party Opinion (SPO) confirming Hera’s excellent sustainability strategy, certifying that the Green Financing Framework is aligned with the ICMA 2025, LMA 2025 principles and the IFC 2025 guidelines with an overall rating of “Medium Green”.

Green Financing Framework 2026

Green Financing Framework 2026
[1499kb - PDF]

Second Party Opinion 2026
[848kb - PDF]

Green Financing Framework 2022 e opinion

Green Financing Framework 2022
[5258kb - PDF]

Second Party Opinion 2022
[859kb - PDF]

Green Financing Framework 2019 e opinion

Green Financing Framework
[287kb - PDF]

Second Party Opinion
[1775kb - PDF]

Hera’s European Green Bond Factsheet

From 21 December 2024, the European Parliament has applied Regulation (EU) 2023/2631 "European Green Bond Standard" (EuGBS). This regulation establishes a series of benchmarks that bond issuers can make public and voluntarily choose to follow. By adopting these benchmarks, the issuer can label its bond as an EU Green Bond (EU GB).

The Regulation requires that, prior to issuing a European Green Bond, the company prepares a Factsheet following the structure set out in Annex I of the Regulation. This Factsheet may concern a single issuance or may be programmatic for multiple issuances.

In January 2026, Hera published its European Green Bond Factsheet, a pre-issuance programmatic document detailing the characteristics of the European Green Bonds that Hera will issue in accordance with Regulation (EU) 2023/2631. These bond issuances may finance or refinance exclusively projects aligned with the European Taxonomy.

S&P Global Rating has issued an external review, expressing a “Medium Green” rating on Hera’s European Green Bond Factsheet, confirming its alignment with Regulation (EU) 2023/2631, the ICMA Green Bond Principles 2025, and the IFC Blue Finance Guidelines 2025.