Green Bond Fact Sheet

Huadian Fuxin Energy Corporation Limited

Date: 05-June-2018

Issue date: 15-March-2018 Maturity date: 15-March-2030 Tenor: 12 yearsIssuer Name

Huadian Fuxin Energy
Corporation Limited

Amount Issued

CNY840mn (USD133m)

Country of risk

China

CBI Database

Included

Issuer Type1

Non-financialCorporate

Bond TypeGreen ABS

Green Bond Framework

N/A

Second party opinion

Zhongcai Green Financing

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☐ Offshore wind
☐ Geothermal☐ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emission
vehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Huadian Fuxin Energy Corporation Limited, with its subsidiaries, develops, manages
and operates hydropower projects and coal-fired power plants in Fujian province. It
also facilitates the capacity building of other clean energy projects such as windpower, solar power and biomass energy.

Firsts, records andcertifications
Proceeds description

The green ABS comprises 12 tranches. The subordinated tranche 12 has a 12-yeartenor, while the senior 11 tranches have an initial term of three years and will be
redeemed and refinanced every three years on adjusted terms in accordance withan expected rate of return mechanism. ABS summary features are available here.
The deal is secured on the feed-in tariff receivables from solar and wind power
projects of seven subsidiaries of Huadian Fuxin Energy Corporation Limited. The
underlying assets comprise benchmark price, as well as partially and purely
subsidized electricity revenue rights. The proceeds will be used for thedevelopment and operation of green industry projects.

Climate Bonds view

Underwriters

This is one of the more complicated funding structures we have seen for solar andwind assets and has been designed to match the cash flows of the seven subsidiaries,
providing an example of how corporates can aggregate smaller funding
requirements and combine different types of revenue streams across their group.
While we are comfortable with the underlying assets’ green credentials, we would
hope to see more documents being made publicly available by the issuer.
Ping An Securities Limited – TBC

Deal comments
Credit Rating
Pricing summary
Investors summary

Dagong Global Credit Rating Co., Ltd.

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign