Two Milestones in One Day: Ringing the Opening Bell for a Dual Debut
— Successful Hosting of the Issuance Ceremony for the Expansion of AVIC Jingneng Photovoltaic Closed-End Infrastructure REIT and the Listing Ceremony of Beijing Energy International Income-Producing Energy Infrastructure ABS
On January 15, amid the resounding echoes of the opening bell at the Shanghai Stock Exchange, Beijing Energy Holding (BEH) celebrated a pivotal moment in the profound integration of capital operations and green development. The issuance ceremony for the expansion of the AVIC Jingneng Photovoltaic Closed-End Infrastructure REIT (trading code: 508096) and the listing ceremony of the Beijing Energy International Income-Producing Energy Infrastructure ABS (security code: 267446.SH) were held simultaneously, achieving a breakthrough landmark of “two milestones in one day”. He Ang, Member of the Party Committee and Deputy Director General of the Beijing State-owned Assets Supervision and Administration Commission (SASAC); Li Yuhai, Deputy Secretary of the Party Committee and President of BEH; and Chen Guogao, Vice President of BEH, attended the ceremonies and delivered remarks. They were joined by Yuan Duoran, Vice President of the Shanghai Stock Exchange; Fan Xi, Member of the Standing Committee of the Baoshan Municipal Party Committee and Executive Vice Mayor; Cui Huaqing, Vice Mayor of Baoshan; as well as Zhang Ping, Executive Director and President of Beijing Energy International; Zhu Jun, Executive President; and Vice President Liu Dongsheng and Vice President Huang Hui of the company, who together rang the opening bell for the two products, witnessing another milestone for a Beijing-based energy state-owned enterprise in the field of green asset securitization.
During the REIT expansion segment, He Ang, on behalf of Beijing SASAC, extended congratulations to BEH. He noted that this expansion represents the nation’s first public REIT expansion project themed on clean energy, innovatively achieving a mixed issuance of “photovoltaic + hydropower” assets and providing a brand-new strategic approach to capital operations for the REITs market. Going forward, Beijing SASAC will continue to support the development of BEH and encourage more state-owned enterprises to participate in public REIT issuance, strengthen policy guidance and service guarantees, help enterprises enhance asset operational efficiency, better leverage the functions of the REITs market, and guide the influx of social capital, thereby injecting new vitality into the integration of the real economy and the REITs market.
Li Yuhai stated that, as the backbone of the capital’s energy supply, BEH has always regarded REITs as a vital tool for optimizing capital structures and supporting urban development. In 2023, BEH took the lead in issuing the nation’s first photovoltaic public REIT. Today, leveraging this expansion as an opportunity, BEH continues to drive the green asset securitization process. This expansion will further enrich the asset portfolio structure; in particular, the “photovoltaic + hydropower” energy-complementary model will effectively bolster the overall portfolio’s risk resilience, establishing a solid foundation for long-term and stable returns for investors.
During the listing segment of the Income-Producing Energy Infrastructure ABS, Chen Guogao noted that the inaugural issuance of the ABS is a vivid realization of BEH’s strategic blueprint. As the first off-balance-sheet inter-institutional REITs product among Beijing municipal state-owned enterprises, this product not only refines the green asset securitization toolkit but also provides a replicable benchmark for revitalizing clean energy assets through capital markets, effectively fulfilling the dual mission of financial innovation and energy transition for capital-based state-owned enterprises.
This bell-ringing ceremony marks not only a milestone but also a new starting point. Looking ahead, Beijing Energy International will firmly implement the concept of green development, deepen its presence in the clean energy market, and further advance the scientific development model of “the integration of light and heavy assets,” contributing the strength of state-owned enterprises to accelerating energy structure transformation and achieving the dual carbon goals.
Further Reading
Expansion of AVIC Jingneng Photovoltaic Closed-End Infrastructure REIT
The underlying assets of this expansion include the Sujiahekou and Songshanhekou hydropower station projects and their supporting reservoirs, indirectly held by Beijing Energy International under BEH. All projects are located along the main stream of the Binglang River in Tengchong, Baoshan City, Yunnan Province, with a total installed capacity of 483 MW. A total of 300.88 million fund units were offered in this expansion, raising a total of RMB 2.92215 billion at an offering price of RMB 9.712 per unit. As the market’s first “mixed-asset expansion” project, it pioneers a “photovoltaic + hydropower” complementary model to enhance risk resilience, creating a diversified REITs platform that supports green transformation and the development of the capital.
Listing of Beijing Energy International Income-Producing Energy Infrastructure ABS
The project adopts a par-structure, with underlying assets comprising three high-quality wind and solar power projects owned by the company: the Huayang Photovoltaic Power Station in Huoqiu, Anhui Province; the Wolongdong Wind Farm in Youyu, Shanxi Province; and the Beitashan Wind Farm in the Xinjiang Uygur Autonomous Region, with a total installed capacity of 257.50 MW. As the market’s first inter-institutional REITs product combining wind and solar assets, the product was successfully issued with a scale of RMB 1.161 billion, achieving the de-consolidation and efficient revitalization of existing power station assets. This optimizes the capital structure, enhances the efficiency of state-owned capital operations, and provides an innovative practical model for the securitization of energy infrastructure assets.
