DeHeng Advised China Three Gorges Corporation

on Issuing the First Batch of Carbon Neutralization Bonds

2021-03-05

To honor the carbon peak and carbon neutrality commitments made by President Xi Jinping at the 75th Session of the United Nations General Assembly, China Three Gorges Corporation issued the first carbon-neutral and green bonds on Shanghai Stock Exchange on March 3, 2021. So far, it has issued the first carbon-neutral bonds in the inter-bank market and on exchange, with a combined value of RMB 3 billion, for developing the Baihetan Hydropower Station on the Jinsha River.

After years of development, China Three Gorges Corporation (CTGC) now boasts controllable, invested and construction-in-progress installed capacity exceeding 130 million kilowatts, and more than 96% is powered by renewable clean energy. Its business covers the entire Chinese mainland and more than 40 other countries and regions in the world. It ranks first in China in terms of renewable energy power output and is the world's largest hydropower development enterprise.

As the issuer's legal counsel, the DeHeng team, led by partners Xu Jianjun and Yang Xinghui, with primary support from lawyers Wang Huakun and Zhong Yaqiong, provided comprehensive and professional legal services for the issuance. In the future, DeHeng will continue to advise China Three Gorges Corporation on “carbon peak and carbon neutral” projects, help it strengthen and expand the clean energy industry, advance the transition to a green and low-carbon economy and society, and achieve the goal of “peak carbon by 2030 and carbon neutrality by 2060”.