新能源项目纷纷试水资产证券化

Core Viewpoint - Asset securitization products are emerging as a new financing channel for renewable energy power plants, with various projects being approved and launched in the sector [2][5]. Group 1: Asset Securitization Developments - The "Taibao Asset - Trina Solar Green Infrastructure Carbon Neutral Real Estate Asset Support Special Plan" has been approved, marking the first asset-backed security (ABS) in the distributed photovoltaic sector focusing on carbon neutrality, green initiatives, and rural revitalization, with a proposed issuance scale of 3.045 billion yuan [2]. - In June, Envision Energy issued the first clean energy institutional REITs, and other companies like Bicheng Energy and Tonghe New Energy are also submitting asset securitization tools based on renewable power plants for exchange review [2]. - By 2025, institutional REITs are expected to gradually emerge, expanding the scope of asset securitization in the renewable energy sector [2][5]. Group 2: Financing Challenges and Solutions - Historically, renewable energy developers primarily relied on bank credit, which favored large state-owned enterprises over private companies, making it difficult for smaller firms to secure long-term financing [3]. - Financing leasing has gained popularity as a method to meet the funding needs of private and small to medium-sized enterprises, allowing developers to use equipment while paying rent, ultimately acquiring ownership at a lower cost [4]. Group 3: Policy and Market Trends - In July 2022, the National Development and Reform Commission included clean energy projects in the pilot scope for infrastructure REITs, allowing companies with quality renewable energy assets to leverage cash flows for financing [5]. - The introduction of the "136 Document" has shifted the pricing mechanism for renewable energy plants, allowing for market competition, although the cash flow remains stable [11]. - The market for institutional REITs is expected to expand significantly by 2025, driven by stable cash flows, policy innovations, and increased long-term investment demand [9]. Group 4: Investment Opportunities and Returns - Institutional investors are increasingly interested in renewable energy power plants due to their stable cash flow and the maturity of investment return models [12][13]. - The annualized yield for previously issued clean energy REITs products is generally above 10%, indicating a favorable investment environment [12]. - Envision Energy's institutional REITs achieved a high annualized dividend rate, outperforming the average yield of other issued renewable energy institutional REITs by approximately 40% [9].