新能源REITs底层资产为何扩容?

Core Viewpoint - The underlying assets of new energy REITs are diversifying from solely "wind and solar power stations" to include hydroelectric power, as demonstrated by the recent expansion of the China Aviation Jingneng Photovoltaic REITs, which raised 2.92215 billion yuan and added two hydroelectric power stations to its portfolio [1][2]. Group 1: Expansion Details - The recent fundraising for China Aviation Jingneng Photovoltaic REITs raised 2.92215 billion yuan at a unit price of 9.712 yuan, expanding its assets to include two hydroelectric power stations [1]. - The internal rate of return (IRR) for the fund is expected to increase from 1.29% to 3.94% after the expansion, primarily due to the stable income generated from hydroelectric assets [1]. Group 2: Market Context - The expansion is a response to the high sensitivity of new energy power stations to policy changes, particularly regarding subsidies and electricity pricing, which can significantly impact asset yield and valuation [2]. - Following the introduction of market-oriented pricing for new energy power generation, some existing power stations have experienced a decline in revenue, highlighting the risks associated with policy changes [3]. Group 3: Asset Characteristics - The newly included hydroelectric power stations, located in Yunnan Province, have a combined installed capacity of 483 MW and a design lifespan of 40 years, with 26 years remaining [4]. - To mitigate future price volatility, the projected electricity generation assessments for the hydroelectric assets include a 3% allowance for water wastage, despite no wastage occurring since 2021 [4]. Group 4: Investment Landscape - The expansion attracted eight strategic investors, including trust funds, insurance companies, and asset management firms, indicating a growing interest from institutional investors in low-risk, yield-generating products like new energy REITs [5]. - The internal rate of return for new energy REITs typically ranges from 5% to 10%, which is higher than the current five-year loan market quotation rate of 3.50% [5]. Group 5: Development Trends - Many private photovoltaic power station developers are adopting a "build-hold-sell" model, selling assets to state-owned enterprises to recycle funds for new projects [6]. - Companies are encouraged to select assets with clear ownership and stable cash flows to expedite the approval process for public REITs, which generally have a longer issuance cycle [6].