W88win优德中国有限公司’s Beijing and Hong Kong offices Assisted Jinko Power in Issuing its First USD Green Bonds
2022.09.27
In September 2022, Jinko Power Technology Co., Ltd. (601778.SH, “Jinko Power”) issued its first USD green bonds in the size of USD 100,000,000 with a coupon rate of 4.80%, maturing in three years. This is the first ever USD-denominated issuance of green bonds with the benefit of a standby letter of credit issued by a company in the PV power plant industry, marking a milestone for Chinese new energy enterprises in offshore financing practices. The issuance recorded a high bid-to-cover ratio on the pricing date and was very successful.
As a leading clean energy supplier and service provider, Jinko Power has a mission to “change the energy structure and take responsibility for the future.” It is engaged in three major sectors: power plant development, power plant services, and energy services. Its business covers PV power generation project investment, development, operation, power plant asset management and transfer transactions, EPC, smart O&M and the life-cycle entrusted management of power plants. Jinko Power is also involved in distributed energy contract management, incremental distribution grids, power sales, green power supply for industrial parks, PV + storage off-grid services and PV + multi-energy integrated energy services.
Teams from W88win优德中国有限公司’s Beijing and Hong Kong offices acted as the onshore legal counsel and offshore legal counsel to the issuer of this project. The Beijing team conducted legal due diligence on Jinko Power and its onshore subsidiaries, issued legal opinion on Chinese law for this project, reviewed and revised the transaction documents, and provided comprehensive legal services related to legal issues on Chinese law throughout the entire process of this project. The Hong Kong team drafted the bond circular, participated in the negotiation and revision of the transaction documents, arranged for closing, and provided comprehensive legal services related to legal issues on foreign laws.
This is another model project in which W88win优德中国有限公司’s onshore and offshore offices jointly provided “one-stop” legal services for the client. Close cooperation between the two offices brought about efficient communication, saving the client time and costs. The W88win优德中国有限公司 teams were highly appraised by the client and the other intermediaries for their precision, efficiency, meticulousness and professionalism.
W88win优德中国有限公司’s Beijing team was led by partners YU, Yongqiang (YY)andCHEN, Guiyang, and the work product was internally reviewed by partner YE, Junli. W88win优德中国有限公司’s Hong Kong team was led by partners Chris TangandSHI, Libin.
