Since the construction of domestic photovoltaic power plants, financing problems have been in the shadows and gradually become one of the main limiting factors for power plant development. With the intensive introduction of the New Deal on Photovoltaics, especially the launch of the "Advice on Supporting Distributed Photovoltaic Power Generation Financial Services" by the China Development Bank, financing constraints in the photovoltaic industry have been somewhat relaxed, and multiple financing models have also emerged.
It is understood that most of the power plants in the domestic photovoltaic market are financed after construction is completed, as are the asset securitization and financial leasing models currently under exploration.
On March 15, the China Securities Regulatory Commission officially issued the "Regulations on the Management of Asset Securitization of Securities Companies", proposing "property rights such as corporate receivables, credit assets, trust beneficiary rights, infrastructure income rights, commercial papers, bonds, stocks, etc. "Securities, real estate property such as commercial property" can be used as the basic assets that can be securitized. This means that the securities company's asset securitization business finally officially opened. Encouraged by this policy, a number of brokerages began to actively develop the wind power, photovoltaic power plant and other assets into securitized products, the photovoltaic power plant asset securitization, an attractive financial product was born.
At present, the asset securitization financing of domestic photovoltaic power plants is to use the completed photovoltaic power plants as basic assets (existing assets), make the future income of the photovoltaic power plants into asset packages, sell them in the financing market to obtain funds, and then proceed Investment construction of a photovoltaic power station. In this regard, Ping Yunwang, a senior partner of Dacheng Law Firm, has a very high evaluation. In his view, the asset securitization of photovoltaic power plants has an annual interest rate between 5% and 6%, and the financing threshold is low, which not only does not require corporate credit requirements. High, low cost, simple and flexible operation.
Although asset securitization has incomparable advantages over traditional financing channels, the premise of this financing model is that it must have basic assets, namely photovoltaic power plants, and the power plant must be unsecured. This model is currently under discussion .
The financial leasing model is similar to asset securitization financing. This model uses the future income of the completed power station as a collateral and obtains the loans required for power station construction from banks or investment companies. Financing lease, also known as equipment lease or modern lease, refers to a lease that substantially transfers all or most of the risks and rewards related to the ownership of assets. Among them, the ownership of assets may or may not be transferred. This is a highly adaptable financing method that the market economy has developed to a certain stage. It first appeared in the United States in the 1950s, and China's dealings with it began in the early 1980s.
On December 16, 2011, Tianjin Xinhai Financial Leasing Co., Ltd. was officially inaugurated by Yingli Investment with a registered capital of US $ 10 million. The company is mainly engaged in financial leasing businesses such as photovoltaic products and photovoltaic power station equipment. This move has created a domestic photovoltaic industry. A precedent for financial leasing. In fact, there are not a few domestic photovoltaic companies that intend to enter the financial leasing field. Tianlong Optoelectronics once used the form of financial leasing to provide support to downstream companies, but Yingli is officially the first to enter this field. In addition, Hairun Photovoltaic also financed 300 million yuan and 126 million yuan in foreign trade leases and AVIC leases by selling and renting some of its own machinery and equipment.
Financial leasing, infiltrating photovoltaics, should be said to be beneficial to both business parties. It provides a "win-win" model. The leasing company purchases photovoltaic power generation system through loans and other financing means, installs and maintains it to meet the electricity demand of the leasing party, thereby collecting rent and obtaining tax relief; for the leaser, this new operating method can be used at a lower cost ( Small deposits or no deposits) to obtain a photovoltaic power generation system can not only reduce the pressure on funds, but also enjoy clean energy power.
In the view of the photovoltaic industry, the domestic financial leasing model is generated by drawing on foreign experience, but in fact it is not completely unified with the method and model of foreign financial leasing, or it can be called the Chinese-style financial leasing model.
At present, there is a considerable shortage of funds for photovoltaic companies, but because they do not meet the requirements of bank loans and there is no perfect financial management system, it is quite difficult to obtain loans from banks. But at the same time, private funds are relatively abundant. In this regard, Wang Yongqi, president of the Sichuan SME Credit and Guarantee Association, said that we should learn to rationally allocate free money, and the opportunity to make money from money is a third-party financing model.
Guodian Photovoltaic is a practitioner of this financing model, that is, after the photovoltaic power plant has obtained the "road strip", has the construction and construction conditions, and after detailed calculation of the profit rate that the power plant can have, before the construction starts, the enterprise invites a third party to finance or Third parties involved in construction.
The specific operation of the third-party financing model is that the company as a private financing intermediary accepts the entrustment from the financing party and the investor to find suitable "objects" for them, and the intermediary company sends a professional team to conduct an in-depth examination of the financing party to identify its Loan risk, and then recommend it to investors. This financing model introduces a guarantee institution, which transfers the risk that the financing method fails to repay the funds on time to the guarantee company, which also provides a lot of protection for investors.
The “PV Product Financing Project†being practiced by the National Development and Reform Commission's National Cooperation Center also coincides with the third-party financing model. The project was jointly created by the National Development and Reform Commission and the German verification and testing agency VDE. It is based on factory inspection, reporting is the premise, insurance is the guarantee, and financing channels are opened. At the forthcoming "2013 · 1st China Photovoltaic Industry Investment and Financing Summit Forum", Wang Jin, director of the International Energy Research Institute of the National Cooperation Center of the National Development and Reform Commission, will give a detailed introduction to the progress of the project.
In addition, in today's photovoltaic market, there is another financing model, perhaps called the cooperation model is more appropriate, because this model does not need to seek financing in the financial market, but a number of photovoltaic cooperation organizations or alliances The cooperation of enterprises directly utilizes the products and technologies owned by the enterprises to jointly participate in the construction of power stations.
At present, China Merchants New Energy, Guodian Photovoltaic, Guodian Nanrui, Guodian Mengdian New Energy, Poly New Energy and China Light and Power 48 have established the "Photovoltaic Green Ecological Cooperation Organization", which is the way to cooperate in the development of photovoltaic power plants. Among them, China Merchants New Energy is the main investor and operating entity of photovoltaic power plants; Guodian Photovoltaic is responsible for the development and integration of cooperative projects and related technical training for power plants; while Guodian Nanrui, Guodian Mengdian New Energy, Poly New Energy and CLP48 The institute will be responsible for project development, provide support for power plant grid connection and control management, provide professional maintenance for power plant operation, form power plant operation and maintenance specifications, and provide advanced components and other related equipment and technologies. This model gives full play to the respective advantages of enterprises, and also reduces the financial pressure and risk cost of enterprises to invest in photovoltaic power plants.
There are various financing modes in the photovoltaic market today, but because the Chinese financial industry has not yet provided a complete set of innovative, stable, and continuous product and service support for photovoltaic power plants, most of them are still being explored and explored. .
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