华电能源投资并购新规：大基地收益率≥6.5%，分布式光伏≥7%！

Core Viewpoint - Huadian Energy Co., Ltd. has released new investment management regulations focusing on the approval and evaluation of wind and solar projects, including requirements for mergers and acquisitions and return on investment standards [1][58]. Group 1: Investment Approval and Evaluation - Projects with preliminary costs of up to 100 million yuan for domestic wind and solar projects, overseas projects outside the negative list, and independent energy storage projects supporting the company's wind and solar development will require approval [1][58]. - A tiered decision-making mechanism will be implemented for self-built projects with total investments of up to 2 billion yuan and acquisition projects up to 1 billion yuan [2][58]. Group 2: Return on Investment Standards - The internal rate of return for capital in wind and solar projects and large-scale wind-solar-hydro-thermal storage bases must not be less than 6.5%; for rooftop distributed solar projects, it must be at least 7%; and for energy storage projects, it should also be no less than 6.5% [2][58]. Group 3: Investment Management Framework - The investment management system aims to enhance development quality and efficiency while effectively preventing investment risks, guided by national laws and the company's regulations [5][60]. - The regulations apply to all domestic investment activities of the company's grassroots enterprises, focusing on fixed asset and equity investments [5][60]. Group 4: Strategic and Major Investment Projects - Strategic investment projects are defined as those that have a long-term impact on the company's future development, including regional layout and resource control [5][60]. - Major investment projects are those that require board approval according to the company's articles of association and relevant regulations [5][60].