Towngas issues $552m asset-backed securities program in China

It targets industrial and commercial distributed photovoltaic and energy storage.

Towngas Smart Energy has issued a $552m (CNY515m) "Asset-Backed Securities Program," becoming the first Hong Kong-listed company to issue this program in China.

The program targets industrial and commercial distributed photovoltaic and energy storage in the mainland market on the Shenzhen Stock Exchange.

It features a priority security coupon rate of 2.3% structured with a three-year term, extendable for an additional three years upon renewal for 18 years.

The capital will be reinvested into renewable energy projects to promote the adoption of green energy and support zero-carbon and low-carbon transitions in the mainland.

According to Towngas, the program’s oversubscription reached 2.5 times.

($1=CNY0.93)