On March 19, Beijing Gas Group Co Ltd together with Asian Infrastructure Investment Bank (AIIB) and China Clean Development Mechanism Fund (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 in the transformation and upgrading of energy structure in Beijing and even the entire China.
This is AIIB’s first project in China as well as its first non-sovereign guarantee loan project since its opening for business. It provided Beijing Gas with a special fund of $250m 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 Li Dongming, Partner Lu Zhifang and Senior Lawyer Yang Lu from East & Concord Partners Beijing Office provided special legal services for this project.
The firm attended several important negotiations with AIIB on behalf of Beijing Gas, assisted it in gaining AIIB’s recognition of the relevant examination and approval procedures for the project, reviewed and modified financing documents, helped it prepare for the signing and delivery of financing documents, and issued review opinions and legal opinions for the project.