On March 29, 2023, the AVIC Jingneng Photovoltaic Enclosed Infrastructure Securities Investment Fund (hereinafter referred to as “AVIC Jingneng Photovoltaic REIT”) was successfully listed on Shanghai Stock Exchange. During the listing ceremony, Zeng Jin, party secretary and director general of Beijing State-owned Assets Supervision and Administration Commission(SASAC), Jiang Fan, party secretary and chairman of Beijing Energy Holding, and Zhang Ping, chairman of the Board of Directors of Beijing Energy International, sounded the gong of listing on behalf of the sponsor - Beijing Energy International together with the leaders of Shanghai Stock Exchange. He Ang, member and deputy director general of Beijing SASAC, Chen Guogao, vice president of Beijing Energy Holding, Yang Yanwei, chairman of AVIC Fund Management Co., Ltd., and Liu Dongsheng, vice president of Beijing Energy International witnessed the ceremony. Zeng Jin and Jiang Fan delivered speeches respectively, expressing warm congratulations and high expectations for the successful listing of AVIC Jingneng Photovoltaic REIT.
The underlying assets of AVIC Jingneng Photovoltaic REIT are the 300 MW photovoltaic power station project in Yulin, Shaanxi Province and the 100 MW photovoltaic power station project in Suizhou, Hubei Province held by Beijing Energy International. The REIT raised a total share of 300 million shares, and the subscription price was 9.782 yuan, raising a total of 2.9346 billion yuan. As the sponsor, Beijing Energy International holds 51% of the shares and maintains the control over the underlying assets, demonstrating its confidence in the future development of publicly offered fund.
The issuance of REIT will bring equity funds to Beijing Energy International, shorten its investment cycle and increase capital turnover rate, reduce leverage ratio and make its operation smoother. In addition, it will enhance market investors’ recognition of company’s credit standing and asset quality. The combination of new energy industry and public offering REIT can bring the financing advantages of financial products into the development of real economy and exert a positive demonstrative effect for achieving the country’s dual carbon goal.
At present, Beijing Energy International has about 4GW of assets for further raising fund. Going forward, the company will enlarge REIT fundraising, continue to inject high-quality assets and advance its endeavors in innovation, reform in order to attain the dual carbon goal of the country.
