Green Bond Fact Sheet

SOGN OG FJORDANE ENERGI

Date: 02-Jul-2018

Issue date: 23-May-2018 Maturity date: 23-May-2028 Tenor: 10Issuer Name

SOGN OG FJORDANE
ENERGI

Amount Issued

SEK500m/USD62m

Country of risk

NorwayCBI Database

Included

Issuer Type1

Government-Backed
EntityBond TypeGreen Bond

Green Bond Framework

N/A

Second party opinion

CICERO

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☐ Solar☒ Onshore wind
☐ Offshore wind
☐ Geothermal☒ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☒ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

The issuer will provide an annual investor letter (also available on its website) disclosing
proceed allocation, installed/restored renewable energy capacity and abated CO2 emissions
according to the Norwegian grid factor.

Sogn og Fjordane Energy AS (SFE) is a regional power company located in thecounty of Sogn og Fjordane in Norway that provides three main services:
renewable electricity generation, distribution networks, and electricity retail.

Firsts, records andcertifications
Proceeds description

Proceeds are slated to finance hydro, wind and related infrastructure, as well as
energy efficiency enhancements to grid infrastructure, including connection ofrenewable energy to distribution networks, upgrades to the national distribution
networks and smart grids. As noted in CICERO’s SPO, since renewable energy
makes up 98% of Norway’s electricity mix, investing in grid infrastructure does notraise the risk of fossil fuel lock-in.

Climate Bonds view

We agree with CICERO in regard to grid-related investments. For hydroassets/projects, it would be good to see examples of identified eligible projects andtheir power density ratio or emissions (gCO2/kWh).

Underwriters

SEB

Deal comments
Credit Rating
Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign