Green Bond Fact Sheet

Clemens Kraft AS

Date: 16-Apr-2019

Issue date: 13-02-2018 Maturity date: 13-02-2025 Tenor: 7Issuer Name

Clemens Kraft AS

Amount Issued

NOK300m/USD38m

Country of risk

NorwayCBI Database

Included

Issuer Type1

Non-financial
corporate

Bond Type

Senior secured

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☐ 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 emission
vehicles☐ 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
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ 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 intends to create a separate section on their website for green bond reporting,which will take place at least annually until full allocation of proceeds. Reporting will include
the following:• Total amount of unallocated proceeds• Share of proceeds used for refinancing and new projects (including project details)• A general insight into CK’s development projects, strategy and financial standings• Production of renewable energy (MWh) and installed capacity (MW) (impactreporting)• Any negative deviations including regulations, guidelines or agreements breached
Clemens Kraft is an integrated small-scale hydro company that is majority owned by
Opplysningsvesenets Fond (OVF, the Norwegian Church Endowment). The company is oneof the largest developers of small power plants in Norway. It currently has 34 power plants
in operation, 10 under construction and several ready to begin building. Sustainability both financially as well as in the environmental and social sense – is core to the company’soperations.

Firsts, records andcertifications
Proceeds description

Proceeds will fund only small-scale hydro power plants (SSHPP’s) in Norway. Only run ofriver hydro plants without dam reservoirs are eligible.

Climate Bonds view

It is good to see more hydro issuance from Norway, as the country has significant potential
to leverage this form of renewable energy generation. In accordance with CICERO’sremarks in their SPO, we also find the issuer’s reporting commitment commendable in thatit states that any instances where projects are non-compliant with regulations or guidelines
will be highlighted. The issuer has also included Environmental Impact Assessments (EIAs)
as a mandatory step in each project aimed at mitigating the possible negative social andenvironmental consequences that can arise even from small-scale hydro projects. This islaudable.

Underwriters
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