Secured Collateral Green Bond Framework Evaluation Summary

Sustainalytics a division of U.S. based MORNINGSTAR is of the opinion that the Plantations International Secured Collateral Green Bond Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2021.

This assessment is based on the following:

Use of Proceeds

The eligible categories for the use of proceeds – Renewable Energy, Sustainable Packaging, Sustainable Agriculture and Green Buildings – are aligned with those recognized by the Green Bond Principles 2021. Sustainalytics considers that investments in the eligible categories are expected to lead to positive environmental impacts and advance the UN Sustainable Development Goals, specifically SDGs 2, 6, 7, 9 and 12.

Project Evaluation Selection

Plantations International’s executive committee and the Sustainable Agroforestry Securitisation Fund (Luxembourg) will be responsible for evaluating and selecting projects that are in line with the Framework’s eligibility criteria. Plantations International has internal processes to identify and mitigate environmental and social risks commonly associated with the eligible projects, which are applicable to all allocation decisions made under the Framework. Sustainalytics considers the project evaluation and selection process to be in line with market practice.

Management of Proceeds

Plantations International accounting system, along with the accounting systems of its subsidiaries in each country, will be responsible for the daily monitoring of proceeds for eligible projects. Plantations International will establish a green bond programme to track the allocation of net proceeds and follow a bondby- bond approach to manage them. Proceeds will be fully allocated within two years from the bond issuance. Pending allocation, unallocated proceeds will be temporarily held in cash, cash equivalents or other liquid instruments until full allocation. Plantations International intends to monitor the allocation of proceeds to eligible projects and their underlying impacts across secured green bonds to ensure transparency and avoid double counting. This process is in line with market practice.


Plantations International intends to report on the allocation of proceeds in its annual report on its website on an annual basis until full allocation. The allocation report will include the total amount of investments and expenditures for each secured green bond and the amount of allocated and unallocated proceeds. In addition, Plantations International is committed to reporting on relevant impact metrics. Sustainalytics views Plantations International’s allocation and impact reporting as aligned with market practice.


Plantations International Holdings PTE. Ltd. (“Plantations International” or the “Company”) is a multinational plantation and farm management company that specializes in providing sustainable agricultural and forestry, agroforestry and management services. With headquarters in Singapore, the Company has five subsidiaries,1 owning operations in more than 11 countries across Asia, Europe and Africa. Sustainable Agroforestry Securitisation Fund (Luxembourg) (the “Fund”, “SPV” or the “Issuer”) is a special purpose entity that acts as the issuer for and on behalf of its compartments. The Fund is owned and managed by Plantations International Securities SARL, Luxembourg (the “Arranger”), which is a subsidiary of the Company.

Sustainalytics is of the opinion that the Plantations International Secured
Collateral Green Bond Framework is credible and impactful.

The Issuer has developed the Plantations International Secured Collateral Green Bond Framework dated September 2022 (the “Framework”), under which it intends to issue secured green bonds and use the proceeds to invest in eligible projects according to the defined criteria at mango plantations in Thailand and durian plantations in Malaysia. The proceeds will be invested by the Company in the eligible projects through United Tropical Fruit SDN BHD and Plantations International Co. Limited Thailand, respectively. The secured green bonds will be secured by mango and durian trees as collateral with their locations itemized in the bonds’ documentation. Furthermore, the secured green bonds will be audited on the listing of each asset-backed bond and the audit will be conducted within 12 months of each bond issuance. The Framework defines eligibility criteria in four areas:

1.Renewable Energy
2.Sustainable Packaging
3.Sustainable Agriculture
4.Green Buildings

Plantations International Holdings PTE. Ltd. engaged Sustainalytics to review the Plantations International Secured Collateral Green Bond Framework and provide a second-party opinion on the Framework’s environmental credentials and its alignment with the Green Bond Principles.