DeHeng Law Offices has advised China Three Gorges Corporation on the issuance of its first carbon neutrality green bonds on the Shanghai Stock Exchange, with a volume of $153 million.

The other five issuers include China Huaneng Group, State Power Investment Corporation, China Southern Power Grid Company, Yalong River Hydropower Development Company and Sichuan Province Airport Group. Altogether, the six power companies have issued their first carbon neutrality green bonds totalling $983 million.

No less than 70 percent of the raised funds will be used for the building of Baihetan hydropower project on the Jinsha River, which will be the world’s second-biggest power station after the Three Gorges Dam upon completion. According to NS Energy, the Baihetan hydroelectric facility is expected to generate 60 billion kilowatt-hours of electricity, while offsetting 52 million tonnes of CO2 emissions a year. It will be one of the first projects to use a 1,000MW hydro-turbine generator.

Established in 1993, Chinese state-owned power company China Three Gorges Corporation is one of the world's largest energy companies with total assets of $77.3 billion in 2014. It operates the China Yangtze Three Gorges Project, one of the biggest hydropower-complex projects in the world.

The DeHeng team was led by partners Jianjun Xu and Xinghui Yang.