新财观 | 前景看好 农村分布式电源的投融资模式仍待创新

Core Viewpoint - The article emphasizes the significant role of rural areas in China's clean energy transition, driven by the "dual carbon" policy, highlighting the potential for distributed energy sources like solar and wind to reduce greenhouse gas emissions and increase farmers' income [1][2]. Group 1: Current State of Rural Distributed Energy - China's rural areas have nearly 100% electricity coverage and over 99% reliability, creating favorable conditions for integrating distributed energy sources [2]. - As of the end of 2023, the cumulative installed capacity of distributed solar power reached 254 million kilowatts, with significant potential for growth estimated at nearly 2 billion kilowatts from rural rooftops [2]. Group 2: Financing Models for Distributed Energy - Distributed energy systems can be categorized into grid-connected and off-grid types, with various financing models including self-financed, external development, and joint ventures [3][4]. - The self-financed model allows farmers or cooperatives to own the energy systems, leading to higher returns but also greater financial risk [4]. - In the external development model, energy developers own the systems, and farmers receive rental income from leasing rooftops [5]. - The joint venture model involves cooperatives and investors forming a project company, sharing ownership and revenue based on equity [5]. Group 3: Challenges in Financing - Financing for rural distributed energy projects is challenging due to low electricity prices, high transaction costs, and weak credit ratings of rural financing entities [7]. - The lack of recognition of the positive externalities of rural energy projects makes it difficult to attract market capital, especially after subsidy reductions [7]. Group 4: Solutions to Improve Financing - To enhance the "return-risk" profile of rural projects, solutions include government intervention through public funds, establishing risk preparation funds, and offering interest subsidies [8][9]. - Financial institutions can support project financing by providing tailored insurance services and utilizing asset securitization to improve liquidity [9]. Group 5: Collaborative Efforts for Development - The development of rural distributed energy is crucial for achieving energy equity and rural revitalization, necessitating collaboration among public capital, state-owned enterprises, and financial institutions [10][11]. - State-owned enterprises should expedite infrastructure development and integrate distributed energy with rural economic projects to enhance income for farmers [11].