远景能源ABS首秀告捷 清洁能源资产证券化迈出关键一步

Core Viewpoint - The launch of the "Yuanjing Energy ABS" marks a significant achievement in China's green finance sector, showcasing strong performance in clean energy asset-backed securities (ABS) with a high annual cash dividend rate compared to existing public REITs products [1][2]. Group 1: Performance and Financial Metrics - The "Yuanjing Energy ABS" achieved an annual cash dividend rate that is nearly 40% higher than the average yield of currently issued public REITs in the renewable energy sector [1]. - The underlying asset, the Hebei Weixian Hengpeng Wind Power Project, reported a total electricity generation of 150 million kWh over six months, with a utilization rate of 99.1% and an RBA income utilization rate exceeding 95% [1]. - The wind farm's electricity price is above the market average, providing stable revenue and green environmental benefits to investors [1]. Group 2: Market Context and Demand - Since the initiation of the pilot program for public REITs in April 2020, only eight clean energy public REITs have been successfully listed, raising approximately 20 billion yuan, indicating a low market share compared to the overall public REITs market [2]. - The need for holding-type real estate ABS is emphasized as a strong complement to public REITs, addressing specific financing needs related to energy transition [2]. - High-energy-consuming industries are increasingly interested in investing in "Yuanjing Energy ABS" to secure long-term stable green environmental rights, which is crucial for their carbon reduction strategies [2]. Group 3: Future Developments - Yuanjing Energy plans to continue exploring standardized trading mechanisms for green infrastructure assets, aiming to meet the green electricity demands of high-energy-consuming enterprises while allowing more long-term capital to benefit from the stable returns of high-quality renewable energy development [3]. - The company is also preparing to expand the "Yuanjing Energy ABS" program, with plans to package more quality renewable energy assets into standardized products for the capital market [2].