HDPI(SH:600027) Zheng Quan Shi Bao Wang·2025-08-01 11:05Core Viewpoint - The launch of the first public REIT for natural gas power generation by a central enterprise, Huadian Clean Energy REIT, marks a significant step in China's public REITs market and its commitment to green development [1][2]. Group 1: Market Development - As of August 1, there are 48 REITs listed on the Shanghai Stock Exchange with a total issuance scale of 130.573 billion yuan, including expansions [1]. - The Huadian Clean Energy REIT project is expected to provide valuable experience for market development and will contribute to the ongoing promotion of regular REITs issuance [1][2]. Group 2: Asset and Financing Structure - The Huadian Clean Energy REIT has an issuance scale of 1.8945 billion yuan, with net proceeds primarily allocated to the construction of two projects in Guangdong and Zhejiang [2]. - The underlying asset is a high-quality natural gas cogeneration project in Hangzhou, featuring two 480.25 MW gas-steam combined cycle units that have been in stable operation for nearly ten years [3]. - The project is expected to maintain an EBITDA of over 200 million yuan from 2022 to 2024, indicating stable historical returns [3]. Group 3: Green Finance and Innovation - The listing of Huadian Clean Energy REIT is seen as a dual demonstration of financial innovation that revitalizes existing energy infrastructure and provides a new model for light asset operations in state-owned enterprises [2][3]. - The REIT's operational model enhances overall efficiency and reduces carbon emissions by utilizing natural gas for both electricity generation and heating [4]. - The Shanghai Stock Exchange has established a diversified financing system, including public REITs and green bonds, to address the financing challenges in the green energy sector [5].