EVN Finance Joint Stock Company
Status: Approved investmentWhy disclosure?
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In case of questions
In case of questions, please contact us at disclosure@fmo.nl
Disclaimer
The information as disclosed is indicative and provided on an "as-is/as available" basis for general informational purposes only and should not be construed as financial, legal or investment advice, nor as a commitment or an offer to arrange or provide any financing. The final decision to provide financing is subject to the terms and conditions of FMO in its sole and absolute discretion. When providing links to other sites, FMO bears no responsibility for the accuracy, legality or content of the external site or for that of subsequent links. The information on proposed investment for high-risk investments is made available in the language relevant to the country or region where the bulk of operations take place. Translations of any information into languages other than English are intended as a convenience for local stakeholders. In case of any discrepancy, the information provided in English will prevail.
Who is our customer
EVN Finance is a finance company with a comprehensive product range, and a strong focus on financing renewable energy projects, mainly Commercial & Industrial (C&I) rooftop solar.
What is our funding objective?
FMO is providing a USD 30 mln loan. The use of proceeds that has been agreed with EVN Finance is a minimum of 35% towards eligible green projects, and the remainder to inclusive businesses: micro businesses and/or Women-led/owned Small- and Medium-sized Enterprises (WSMEs).
Why do we fund this investment?
FMO’s support for green financing is contributing to reducing CO2 emissions. Further, providing financing to WSMEs in Vietnam will contribute to FMO’s strategic goal of reducing inequalities.
What is the Environmental and Social categorization rationale?
EVN Finance is classified as Category A according to FMO’s Sustainability Policy, indicating high environmental and social risk. These risks are primarily concentrated in sectors such as real estate development, construction, and industrial manufacturing. The main environmental and social risks associated with this transaction include EVN’s ability to assess and manage risks related to its financing activities. These risks encompass worker health and safety, labor rights, waste generation, community health and safety, climate change, and habitat fragmentation, among others. In 2023, EVN developed an Environmental and Social Management System (ESMS) with the support of technical advisory services from a development financial institution. Currently, the ESMS is in its initial implementation phase. It incorporates Vietnamese regulations, the International Finance Corporation (IFC) Performance Standards, and the European Development Financial Institutions (EDFI) exclusion list. The financing also includes an action plan to further enhance EVN Finance’s capacity to manage environmental and social risks.
- Website customer/investment
- http://www.evnfc.vn
- Region
- Asia
- Country
- Viet Nam
- Sector
- Financial Institutions
- Publication date
- 11/5/2024
- Effective date
- 10/21/2024
- Total FMO financing
- USD 30.00 MLN
- Funding
- FMO NV
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Risk categorization on environmental and social impacts, A = high risk, B+ = medium high risk, B = medium risk, C = low risk
Environmental & Social Category
(A, B+, B or C) - A