Huatai Three Gorges New Energy REIT Lists on SSE, Raising RMB 4.0065 Billion

On August 7, the Huatai Three Gorges Clean Energy closed-end infrastructure securities investment fund, sponsored by Three Gorges Energy as original equity holder, listed on the Shanghai Stock Exchange under the securities name Huatai Three Gorges New Energy REIT with code 508059. The fund is the first energy public REIT in Northeast China and the 11th energy public REIT in the market overall. The listing involves the Dalian Zhuanghe III offshore wind power project as the underlying asset, with a total issuance of 500 million units and RMB 4.0065 billion raised. The offline subscription multiple exceeded 160 times, while the online subscription multiple exceeded 38 times.

The fund is sponsored by Three Gorges Energy, a subsidiary of China Three Gorges Corporation, with Huatai Securities (Shanghai) Asset Management Co. , Ltd. serving as fund manager and asset-backed securities manager. The underlying asset, the Dalian Zhuanghe III offshore wind power project, is located in the Zhuanghe sea area of Dalian, Liaoning Province, with a total installed capacity of 298,800 kW and achieved full-capacity grid connection in November 2020. The project is equipped with 72 wind turbine generators, along with offshore booster stations, submarine cable collection lines and other facilities. As the first full-capacity grid-connected offshore wind project in Northeast China, the Zhuanghe III project has operated safely and stably for over 2,000 consecutive days, cumulatively generating more than 4.4 billion kWh.

As an equity-based financing tool, public REITs, compared with traditional bank credit and bond financing models, have distinctive features in revitalizing existing assets, reducing corporate leverage, and expanding effective investment. The successful listing of this fund has improved the circulation efficiency of green assets, providing a replicable case for the securitization of regional clean energy assets, and contributing to the comprehensive revitalization of Northeast China and the development of the marine economy.