Otovo Green Finance Framework

Otovo publishes today its first Green Finance Framework which has received a dark green grading from Cicero. The Green Finance Framework is established to finance Otovo's fast-growing subscription portfolio.

In the third quarter presentation, published on 18 October, Otovo described its intent to expand its debt facilities, increase leverage ratio and ensure flexibility for the subscription business.

Today, Otovo published its Green Finance Framework, outlining the use of proceeds from such a refinancing, the process for asset evaluation and selection, management of proceeds and reporting procedures.

CICERO Shades of Green second opinions are graded dark green, medium green or light green, reflecting a broad, qualitative review of the climate and environmental risks and ambitions. The dark green rating given to Otovo, the highest possible rating, is “allocated to projects and solutions that correspond to the long-term vision of a low-carbon and climate resilient future”

In the report Cicero summarizes Otovo’s positive climate impact:

Renewable energy, and solar power in particular, is key to the green transition to a low carbon energy future. By removing barriers to the implementation of solar power for residential house owners, Otovo is contributing substantially to this transition. By focusing exclusively on residential solar, Otovo negates the local environmental harm (biodiversity, landscape etc.) large-scale renewable energy assets may cause.