China Everbright Renewable Energy Project

To address severe air, water, and land pollution across the PRC, the country''s 13th Five-Year Plan, (2016-2020) calls for more stringent environmental protection measures and a supportive regulatory framework for renewables. In response, the Asian Development Bank (ADB) has focused its business development efforts in the PRC on environmental infrastructure. Through ongoing discussions with stakeholders, the project team has identified emerging market demand for ADB to support the environmental infrastructure arms of state-owned enterprises (SOEs) in accessing international capital markets by strengthening corporate governance and environmental management systems. This facilitates SOE reform and enhances transparency.The project will facilitate the spin-off listing of China Everbright Greentech Limited (CEGL), a wholly-owned subsidiary of China Everbright International Limited (CEIL) to support agricultural waste-to-energy and management of hazardous waste across the PRC. 28% of shares of CEGL will be floated on the Hong Kong stock exchange, with CEIL remaining the largest indirect shareholder after the initial public offering. ADB will support this initial public offering as a cornerstone investor.