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Eurocaja Rural’s Sustainability Bond Framework SPO Provided by V.E

V.E, part of Moody’s ESG Solutions, has provided a Second Party Opinion (SPO) on Eurocaja Rural’s Sustainability Bond Framework. The Framework has been designed to govern the issuance of Eurocaja Rural’s Sustainable Bonds. The net proceeds of the Bonds will exclusively finance or refinance, in part or in full, projects falling under five Green and Social Project Categories: green buildings; clean transportation; renewable energy; affordable housing & socioeconomic advancement and empowerment; employment generation and/or maintenance. 

V.E assigned a Second Party Opinion (SPO) on the sustainability credentials and management of the Framework. V.E is of the opinion that this Framework is aligned with the four core components of the Green and Social Bond Principles 2021. We express an advanced assurance on the contribution of the Eligible Green and Social Projects to sustainability, this is thanks to the detailed description on the eligibility criteria of the projects.

Eurocaja Rural S.C.C. is a cooperative, retail focused, constituted on 27 February 1963 under the name of Caja Rural Provincial de Toledo. The legal structure of ECR is that of a “credit cooperative”, where borrowers are also shareholders (“cooperative members”) of the financial institution. ECR’s main activity is to receive funds from the public in the form of deposits or other similar operations, and to use such funds providing loans, credits or other operations of a similar nature to end clients. Its customer segments include individuals, retailers, small and medium enterprises (SMEs), large corporates, and institutions. In addition, in accordance to this legal structure, ECR maintains a Social Welfare Fund, to which it donates at least ten percent of its annual profits.

V.E has produced more than 370 second-party opinions on sustainable financing operations in Europe, Africa, Americas and Asia. We are a Climate Bonds Standard Approved Verifier.

Click here to view V.E’s SPO on Eurocaja Rural’s Sustainability Bond Framework.



Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody’s Investors Service (MIS) and Moody’s Analytics (MA) to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at



Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000

Media inquiries:

Tim Whatmough
+33 (153) 303-385

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