Highest rating of “Dark Green” for its green Metals and Mining Project Sustainable Financing.
Vulcan's Phase One Lionheart Project Green project financing.
Vulcan’s project aims to produce both renewable geothermal energy for supply to the local community and lithium hydroxide for electric vehicle (EV) batteries, from the same deep brine source in the Upper Rhine Valley. The Phase One Lionheart Project will produce 24,000 tonnes per annum of battery grade lithium hydroxide, sufficient to supply around half a million EVs per annum, as well as renewable energy of up to 275 GWh power p.a. and up to 560 GWh heat p.a.
Vulcan’s financing is structured to be labelled as green, in line with the Loan Market Association’s Green Loan Principles and the International Capital Market Association (ICMA) Green Enabling Projects Guidance.
Green Financing Framework.
To fully integrate sustainability commitments and financing activities, Vulcan – together with ESG Co-ordinator, Natixis CIB – developed and published its Green Financing Framework in October 2024.
The Framework supports Vulcan’s credentials as a leading participant in the green energy market and given the strong investor and lender appetite for green label finance, it will allow Vulcan to better communicate its environmental sustainability objectives. This includes management of any material risks associated with the Project and assisting with reporting requirements, as per the Loan Market Association (LMA) Green Loan Principles.
The Framework has been assessed by leading independent ratings agency, S&P Global Ratings, and awarded a Dark Green rating overall, the highest ever received by a Metals and Mining company globally. Vulcan was also awarded a Dark Green rating across the Green Enabling Project and Renewable Energy categories.
An S&P Global Second Party Opinion (SPO) assesses whether the Framework aligns with third-party published sustainable finance principles, including the International Capital Market Association (ICMA) Green Bond Principles and Green Enabling Projects Guidance, and the LMA Green Loan Principles. S&P Global Ratings’ Shades of Green methodology includes six shades which can be designated to activities, with a Dark Green rating awarded to activities that correspond to the long-term vision of the low-carbon climate resilient future.