On November 23, 2018, Beijing Enterprises Clean Energy Co., Ltd. (BE Clean Energy) successfully issued its 2018 series 1 panda bond, which is the first-ever green renewable corporate bond (panda bond) approved in China. A Dentons team provided legal services for this transaction.

Recently, China Securities Regulatory Commission approved BE Clean Energy's application to issue a green renewable panda bond with a total amount of not exceeding RMB 2.8 billion to qualified investors.

The issuing size of this series is RMB 1 billion, with a maturity of 3+N years, and an issuing interest rate of 6.50%. Huatai United Securities served as the lead underwriter and book keeper, while China Development Bank Securities and China Merchants Securities were the joint lead underwriters.

BE Clean Energy (01250.HK) is incorporated in the Cayman Islands and listed on the main board of the Hong Kong Stock Exchange. It is a photovoltaic power generation investment platform jointly built by Beijing Enterprises Water Group, CITIC Private Equity Funds Management Co., Ltd. and Tus-Holdings Co., Ltd. along with a domestic team of specialists in photovoltaic technology. The company is mainly engaged in investment, development, construction, operation and management of photovoltaic power plants, related businesses of photovoltaic power generation and wind power in Mainland China.

The successfully issuance of this bond has further broadened the company's financing channels and is a beneficial attempt for its diversified financing. In addition, as the first green renewable panda bond in the market, the issuance has also demonstrated for similar enterprises on how to actively utilize domestic equity financing instruments.

The Dentons team was led by senior partner Wang Feng, assisted by partner Qian Jingyu and trainee Niu Jiajing. The team issued an attorney's opinion letter for this issuance, and guided the issuer's overseas legal advisors to issue legal opinion letters applicable in the place of incorporation (the Cayman Islands) and the place of listing (Hong Kong) in line with the needs of the issuance, providing overseas legal support for the issuance.