Huaneng Power International Inc. (Huaneng Power) has completed the placement of its fourth tranche of 2026 mid-term notes, designated as “Special Debenture for Energy Supply Assurance”, raising RMB 2.00 billion through a domestic book-building process among banks.

The notes carry a “2+N” year maturity structure and were priced at a fixed annual coupon of 1.70%. Each note has a face value of RMB 100. The proceeds are earmarked, on a look-through basis, to fully repay earlier special debentures previously issued for energy-supply assurance purposes.

China Merchants Bank Co., Ltd., CSC Financial Co., Ltd. and SDIC Securities Co., Ltd. acted as joint lead underwriters, organising a syndicate for the offering in China’s interbank bond market. Relevant issuance documentation has been posted on the China Money and Shanghai Clearing House websites.

The transaction is executed under the RMB 170.00 billion aggregate debt-financing mandate approved at Huaneng Power’s 2025 annual general meeting, which authorises the company to issue domestic and/or overseas debt instruments, in single or multiple tranches, until the close of the 2026 annual general meeting.

According to the company’s disclosure, the latest debenture issuance does not constitute a notifiable or connected transaction under Chapters 14 or 14A of Hong Kong’s Listing Rules.