East & Concord Partners Advises Beijing Gas to Obtain AIIB’s First Project Financing in China

On March 19, Beijing Gas Group Co., Ltd. (hereinafter referred to as “Beijing Gas”) together with Asian Infrastructure Investment Bank (hereinafter referred to as “AIIB”) and China Clean Development Mechanism Fund (China Public Private Partnerships Center) (hereinafter referred to as “CDMFUND”) held a signing ceremony at the headquarters of AIIB in Beijing to launch cooperation in promoting Beijing Gas’s consumption of clean energy and the transformation and upgrading of energy structure in Beijing and rest of China. This is AIIB’s first project in China as well as its first non-sovereign guarantee loan project since its opening. It provided Beijing Gas with a special fund of $ 250 million for the replacement of coal by gas in rural areas, which will be used for the construction of transportation pipes and network of natural gas and other projects in Beijing with the goal to create “Beijing Blue”.

Representing Beijing Gas, Partner Dongming Li, Partner Zhifang Lu and Senior Associate Lu Yang from East & Concord Beijing Office provided special legal services for this project. Our firm attended several important negotiations with AIIB on behalf of Beijing Gas, assisted in gaining AIIB’s recognition of the relevant examination and approval procedures for the project, reviewed and modified financing documents, helped prepare for the signing and delivery of financing documents, and issued review opinions and legal opinions for the project.

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