Our Published SPOs

EthiFinance has delivered over 100 Second Party Opinions since 2018. The table below lists a selection of these:

Issuer / BorrowerSectorCountryFormatEx-ante / Ex-postYearFrameworkSPO
Hep Solar Energy Germany Ex-ante 2025
Paul Tech Energy Germany Ex-ante 2025
WBM Wohnungsbaugesellschaft Berlin Mitte Real Estate Germany Sustainable Ex-ante 2025
Stadt Emden/Landkreis Aurich Local Authority Germany Ex-ante 2025
Berliner Wasserbetriebe Water Germany Green Ex-ante 2025
Münchener Hypothekenbank Financial Institution Germany Ex-ante 2025
AREAM Energy Germany Green Bond Ex-ante 2025
Stadt Hannover Local Authority Germany Ex-ante 2025 Framework SPO
Stadtsparkasse München Financial Institution Germany Green Bond Ex-ante 2025
Sparkasse Bremen Financial Institution Germany Green Bond Ex-ante 2025
Sparkasse KölnBonn Financial Institution Germany Ex-ante 2025
reconcept GmbH Energy Germany Green Bond Ex-ante 2025 Framework SPO
Land Baden-Württemberg Local Authority Germany Green Bond & Taxonomy Ex-ante 2025 Framework SPO
Bpifrance Financial Institution France Social Bond Ex-ante 2025 Framework SPO
Action Logement Service SSAs & Municipalities France Sustainable Bond Ex-ante 2025 Framework SPO
AREAM Energy Germany Green Bond Ex-ante 2024 Framework SPO
City of Offenbach Local Authority Germany Green Finance Ex-ante 2024 Framework SPO
Hamburg Wasser Water Germany Green Finance Ex-ante 2024 Framework SPO
Land Baden-Württemberg Local Authority Germany Green Bond & Taxonomy Ex-ante 2024 Framework SPO
CUF Healthcare Portugal Sustainability-Linked Bond Ex-ante 2024 SPO
ABEI Energy Energy Spain Green Bond Ex-ante 2024 SPO
Nexus Energy Spain Green Commercial Paper Ex-ante 2024 SPO
Visalia Energy Spain Green Bond Ex-ante 2024 SPO
AustriaEnergy AE-Holding GmbH Energy Germany Green Bond Ex-ante 2023 Framework SPO
Berliner Wasserbetriebe Water Germany Green Schuldschein Ex-ante 2023 Framework SPO
Land Sachsen-Anhalt Local Authority Germany Social Bond Ex-ante 2023 Framework SPO
Sowitec Group Energy Germany Green Bond Ex-ante 2023 Framework SPO
Sparkasse KölnBonn Financial Institution Germany Green Bond Ex-ante 2023 Framework SPO
Bpifrance Financial Institution France Social Bond Ex-ante 2023 Framework SPO
INNPACT - Imagine Financial Services France Green Bond Ex-ante 2023 Framework SPO
Valorem Energy France Green Bond Ex-ante 2023 Framework SPO
Eurogrid Energy Germany Green Bond Ex-ante 2022 Framework SPO
SaarLB Financial Institution Germany Social Bond Ex-ante 2022 Framework SPO
Stadtwerke Offenbach Holding Local Authority Germany Green Schuldschein Ex-ante 2022 Framework SPO
WvM Immobilien + Projektentwicklung GmbH Real Estate Germany Green Schuldschein Ex-ante 2022 Framework SPO
Caisse des Dépôts Financial Institution France Green, social & sustainable securitization Ex-ante 2022 Framework SPO
FENIE Energia Energy Spain Green Finance Ex-ante 2022 SPO
Berliner Wasserbetriebe Water Germany Green Schuldschein Ex-ante 2021 Framework
Catalyst Housing Real Estate Germany Sustainable Finance Ex-ante 2021 SPO
Sparkasse KölnBonn Financial Institution Germany Green Bond Ex-ante 2021 Framework SPO
EDENRED Services France Sustainability-Linked Bond Ex-ante 2021 Framework SPO
INNOVENT Energy France Green Bond Ex-ante 2021 Framework SPO
SHAM / Relyens Insurance France Sustainability Bond Ex-ante 2021 SPO
Voltalia Energy France Green & Sustainability-linked Finance Ex-ante 2021 Framework SPO
Metropolitan Thames Valley Real Estate UK Sustainable Finance Ex-ante 2021 Framework SPO
Places for People Real Estate UK Sustainable Finance Ex-ante 2021 Framework SPO
Actaqua Energy Germany Green Bond Ex-ante 2020 Framework SPO
Française de l'Energie Energy France Green Bond Ex-ante 2020 Framework SPO
Clarion Real Estate Germany Green & Social Ex-ante 2019 Framework SPO
ZugEstates Real Estate Germany Sustainable Housing Finance Ex-ante 2019 SPO
Département de l'EURE Local Authority France Sustainable Bond Ex-ante 2019 Framework SPO
Enercity AG Energy Germany Green Schuldschein Ex-ante 2018 Framework SPO
Stadt Hannover Local Authority Germany Green & Social Schuldschein Ex-ante 2018 SPO
Üstra Transport Germany Green Bond Ex-ante 2022 Framework SPO
Development Banks (IFB, ILB, ISB) Development bank Germany Social Bond Ex-Ante 2022 SPO
Greenalia Energy Spain Green Bond Ex-ante 2025 Framework SPO