International law firm Simmons & Simmons has advised Credit Guarantee and Investment Facility (CGIF), a multilateral facility established by the governments of China, Japan, Korea and ASEAN members as well as the Asian Development Bank, in the issuance of MYR150,000,000 ASEAN guaranteed green bonds due 2024 (ASEAN green bonds).
The bonds were offered by Hanwha Q CELLS Malaysia Sdn. Bhd, the Malaysian subsidiary of Hanwha Q CELLS. Hanwha Q CELLS is a renowned total energy solutions provider and one of the world’s leading producers of solar cells and modules, and it is a member of the Korean multinational conglomerate, Hanwha Group.
CGIF was acting as the guarantor for the ASEAN Green Bonds, and the firm advised CGIF as its English law legal counsel.
This is Hanwha’s second green bonds issuance guaranteed by CGIF, the first being the landmark issuance of the CNH1,000,000,000 senior unsecured guaranteed green bonds due 2024 by Hanwha Solutions Corporation in April this year, on which Simmons & Simmons also advised CGIF. Similar to the CNH issuance, the guarantee obligations for the ASEAN Green Bonds in the MYR issuance are shared between CGIF and the Export-Import Bank of Korea.
The green certification and ESG components of the issuance were provided by Sustainalytics, a global ESG research and rating provider, and the green bonds have an “AAA(fg)” rating from RAM Rating Services Berhad.
The Simmons & Simmons team was led by partner Jay Lee.