碧澄能源设立首单分布式清洁能源资产机构间REITs，探路万亿绿色资产证券化

Core Insights - The establishment of the "Xingzheng Jishi - Bicheng Energy New Energy Holding Real Estate Asset Support Special Plan (Carbon Neutrality)" marks a significant step in the expansion of infrastructure REITs into the energy sector, providing a new financial solution for green energy infrastructure [1] Group 1: Product Overview - The product has a duration of 24 years and is backed by commercial distributed photovoltaic projects, attracting various professional investment institutions such as insurance, trust, and asset management companies, indicating strong market recognition of quality green infrastructure assets [1] - The core innovation lies in the integration of dispersed commercial distributed green energy projects' future stable revenues into a standardized financial product, allowing for capital market circulation and investment [2] Group 2: Asset Characteristics - The underlying assets are primarily located in economically active regions such as the Yangtze River Delta, Pearl River Delta, and North China, focusing on industrial parks and rooftops of manufacturing enterprises, with projects having stable operations for nearly two years and an annual power generation of nearly 200 million kWh [2] - Approximately 80% of the projects operate under a "self-consumption, surplus electricity grid connection" model, utilizing long-term agreements under the Energy Management Contract (EMC) sales model, which provides strong cash flow predictability [2] Group 3: Advantages of Institutional REITs - Compared to traditional financing, institutional REITs offer significant advantages, including better risk diversification through aggregated project asset packages, matching product duration with the long-term operation period of photovoltaic assets, and lower costs than traditional methods [3] - Institutional REITs enhance the efficiency of capital recovery for new investments while maintaining product standardization and trading flexibility [3] Group 4: Industry Implications - The successful establishment of this product serves as an innovative model for asset circulation in the large-scale distributed photovoltaic industry, which has an accumulated grid-connected capacity exceeding 300 GW and an asset value surpassing one trillion [4] - The product is seen as a crucial step in revitalizing assets in the energy sector, with expectations for more similar products to follow, further activating substantial green energy stock assets and providing a stronger capital engine for China's green transition [4]