Hong Kong-listed ENN Energy Holdings, one of the largest clean energy distributors in China, has issued the first tranche of its asset-backed securities programme on the Shenzhen Stock Exchange.

The inaugural tranche of the ENN Integrated Energy ( Phases 1-8 ) Carbon-Neutral Green Asset-Backed Securities, considered as quasi-real estate investment trusts, amounted to 608 million yuan ( US$87 million ), with the senior notes carrying a coupon rate of 2.60%. It marks the first asset securitization product issued by the ENN Group.

The programme has secured the highest “AAA” credit rating from China Chengxin International Credit Rating and CSI Pengyuan Rating.

Following the issuance of the first tranche, the company saw strong demand for subscriptions from institutional investors, including large state-owned banks, leading joint-stock banks, and fund companies.

China Securities acted as the manager and lead underwriter of the programme, while Huatai Asset Management served as the joint manager of the shelf offering.

According to ENN Energy, the issuance is a key initiative to revitalize green energy assets, broaden financing channels, and optimize its financing structure, thereby supporting the sustainable development of its integrated energy business.

The underlying assets of the programme include distributed photovoltaic power generation projects and ancillary energy storage stations owned by seven subsidiaries.

The total registered size of the shelf offering will not exceed 4 billion yuan, and subsequent tranches will be issued in phases within the approved quota, depending on asset and market conditions. Proceeds raised from subsequent tranches will continue to be allocated to the renewable energy sector.

Looking ahead, the company says it will continue to deepen collaboration with financial institutions, fully leverage the shelf offering mechanism, and steadily advance the issuance of subsequent tranches.