September 2021
CIC has not carried out any audit mission for nor commissioned any consultancy services with Widex Solar Energy Technology Limited and there is no established relationship (financial or others) between CIC and Widex Solar Energy Technology Limited.
The opinion provided herein is an independent opinion on the sustainability credentials and management of the financial instrument, based on the information made available to CIC. CIC has neither interviewed any of the Widex Solar Energy Technology Limited’s employees, nor performed any on-site assessment and tests to check the accuracy of the information provided by Widex Solar Energy Technology Limited. The accuracy, comprehensiveness and trustworthiness of the information collected rests with Widex Solar Energy Technology Limited. CIC, in providing this opinion, has not certified the effectiveness, the quality or the irreversibility of the assets to be financed by the sustainable financing instrument. Widex Solar Energy Technology Limited is fully responsible for attesting the compliance with its commitments defined in its policies, for their implementation and monitoring. The opinion delivered by CIC neither focuses on the financial performance of Widex Solar Energy Technology Limited, nor on the effective allocation of its proceeds. CIC is not liable for the consequences arising if third parties use this opinion either to make investment decisions or to make any kind of business transaction.
The opinion provided by CIC on Widex Solar Energy Technology Limited can only be used by Widex Solar Energy Technology Limited and the Financial Institution. The distribution and publication are at the discretion of Widex Solar Energy Technology Limited, subject to CIC’s approval.
| Application no. | SFCS-APPLY-2021-014 |
|---|---|
| Certificate no. | SFCS-2021-007 |
| Date of application | 2021.12.09 |
| Company name | Widex Solar Energy Technology Limited |
| Business registration no. | 53644378 |
| Company profile | Widex Solar is a leading solar energy system developer in Hong Kong since 2006. Our team of solar energy experts provides one-stop solar system solution including: feasibility analysis, design, EPC, O&M activities with the highest standard of quality using trusted technology from our pioneering energy product partners. Widex Solar also dedicates in planning, developing and delivering the best possible solar turnkey for large scale solar power plant projects over the world, such as China, Japan and Taiwan. Widex Group is committed to providing service to a wide spectrum of clients in Hong Kong, such as government departments, power grid companies, educational institutes, commercial corporations, residential houses, etc. We aim to bring the best value in solar energy to everyone in Hong Kong. |
| Sustainable financing instrument | Green Loan |
| Application level | Project Level |
Widex Solar Energy Technology Limited has confirmed the proceeds will be used for the specified Project Categories that meet the eligibility criteria stated:
| Project Categories | Renewable Energy |
| Eligibility Criteria | Construction, installation or maintenance of the renewable energy system |
Widex Solar Energy Technology Limited has confirmed that the selected Project Categories and Eligibility Criteria are in line with the following internationally recognized frameworks across financial markets:
Frameworks
Widex Solar Energy Technology Limited has also confirmed the following purposes of the proceeds:
Purpose of financing
Widex Solar Energy Technology Limited has identified the below project(s) as eligible green projects which meet the eligible criteria:
| Project name | Project Helios |
| Location | Hong Kong |
| Project description | The project can be considered a 10MW portfolio consisting of 44 operating rooftop solar assets all in Hong Kong, all generating FiT income. All assets are debt free, and 100% owned by Widex. |
| Highlights of green elements and estimated environmental impact | Demonstrate renewable energy generation capacity to reduce the demand for conventional power generation sources. Demonstrate carbon reduction in the works including site management, material selection or construction methodology, etc. |
Widex proposes to raise Green Loan for Project Helios that falls into one of the Green Loan Principle project categories which is renewable energy and green building.
Widex confirmed Project Helios will deliver solar energy and its extraction is clean, green and renewable by providing the project catalogue for stakeholders.
Project Helios also facilitate the CO2 reduction of the building through the rooftop solar system.
To ensure that the projects financed by the sustainable financing instrument meet the eligible criteria, Widex Solar Energy Technology Limited has established an evaluation and selection process with the following key elements:
Evaluation and selection
The project evaluation and selection will be based on contract requirements, government department guidelines, CLP or HKE requirements. The evaluation process will be conducted in internal checking process, and the design should submit to CLP and relevant parties for approval. This governance method also covers in the future project.
Widex confirmed by the provision of its organisation chart that the head of the Finance Department has been delegated to evaluate and select eligible projects based on the eligibility criteria and manage the environmental risks. The result would be submitted to the director for approval.
We consider that the applicant has well-defined internal checking procedures for project evaluation and selection.
Widex Solar Energy Technology Limited has provided information regarding the internal governance process through which the company can track allocation of funds towards green projects. Widex Solar Energy Technology Limited will establish a register of funds to contain the following information:
Information
Pending the full allocation of the proceeds, Widex Solar Energy Technology Limited intends to hold and/or invest the balance of proceeds not yet allocated in accordance with N/A
Widex confirmed that there is a dedicated account for the proceeds. Key transaction information, including transaction date, the principle amount of proceeds, repayment or amortisation profile, maturity date and interest, purchase contract and/or relevant project or sales contract will be recorded. A list of eligible projects and brief descriptions of the projects will also be included, and it has internal mechanism in tracking the financial account.
Widex confirmed the use of the fund registry template provided by CIC in tracking the allocation of proceeds
Widex Solar Energy Technology Limited is committed to transparent reporting and will publish a standalone green finance report within one year from the date of issuance of each sustainable financing instrument and annually thereafter until the full allocation of the proceeds. The report will consist of information on the allocation of the proceeds and the environmental impacts of the projects.
Allocation Report
In terms of impact reporting, Widex Solar Energy Technology Limited will report on relevant environmental metrics of the projects to which the proceeds have been allocated in line with the technical requirements.
| Project Categories | Renewable Energy |
| Metrics | Percentage of low-carbon materials |
| Methodologies | CIC Carbon Assessment Tool (CAT) |
| Project Categories | Renewable Energy |
| Metrics | Percentage of clean energy |
| Methodologies | CIC Carbon Assessment Tool (CAT) |
| Project Categories | Renewable Energy |
| Metrics | Technical Requirement in Renewable Energy |
| Methodologies | CIC Carbon Assessment Tool (CAT) |
We confirmed that Widex has committed to continue to perform use of proceeds and impact reporting with work progress on an annual basis through financial report.
| Use of proceeds | Compliant |
|---|---|
| Project evaluation and selection | Compliant |
| Management of proceeds | Compliant |
| Reporting | Compliant |
Based on the above assessment, we recommend to approve the application (Application no.: SFCS-APPLY-2021-014, Certificate no.: SFCS-2021-007) of the CIC Sustainable Finance Certification Scheme with validity from 08-09-2021 to 07-09-2023 .