碧澄能源携手成立并购基金为电站提供专业“退出”与“升级”解决方案

Core Viewpoint - A new force focused on the value excavation and reshaping of existing assets in the photovoltaic renewable energy investment sector is emerging, exemplified by the establishment of the Xiamen Luoqi M&A Fund, which has successfully completed its first phase of fundraising and asset transfer, exceeding 500 million yuan [1] Group 1: Fund Overview - The Xiamen Luoqi M&A Fund is not an ordinary equity investment fund; its core objective targets the large but quality-diverse market of commercial distributed solar storage power stations [1] - The fund represents a breakthrough in a new asset category termed "quasi-infrastructure" mergers and acquisitions, indicating a complete asset closed-loop management model in the distributed clean energy sector [1] Group 2: Market Characteristics - The current Chinese distributed photovoltaic market, particularly in the commercial sector, exhibits strong incremental growth, vast existing assets, and significant quality disparities, with cumulative grid-connected capacity exceeding 200 GW since 2022, corresponding to nearly 1 trillion yuan in investment [2] - The existing solar power station assets are scattered among numerous owners, leading to obstacles in asset liquidity and creating substantial opportunities for value enhancement through professional integration [2] Group 3: Value Chain Construction - The innovation of the Xiamen Luoqi M&A Fund lies in its systematic construction of a complete value chain from asset selection and acquisition to standardized operational transformation and eventual securitization exit [2] - Biceng Energy acts as the core "back-end" service provider, responsible for rigorous full-link deep transformation of acquired assets, enhancing their intrinsic value and liquidity through systematic efficiency improvements and operational upgrades [2][5] Group 4: Fund Strategy and Securities - Luoneng Capital takes on the "front-end" role, exploring innovative green asset securitization and designing fund products that match the risk attributes of the assets [3] - The fund's strategy is defined by a "begin with the end in mind" approach, aligning asset selection standards with REITs issuance requirements, facilitating a clear securitization exit path for the assets held by the M&A fund [3] Group 5: Market Response and Future Plans - The first phase of the M&A fund successfully attracted participation from several insurance companies and local state-owned platforms, indicating market recognition of the underlying asset logic and business model [4] - Following the validation of the initial model, plans for rolling replication and scaling up are underway, with the second phase of the fund already established and expected to complete fundraising and asset transfer by the first quarter of 2026 [4] Group 6: Asset Management and Opportunities - Biceng Energy aims to continuously screen and integrate quality solar storage power stations nationwide, providing a comprehensive lifecycle management approach for sustained asset appreciation and stable exits [5] - The collaboration between Biceng Energy and Luoneng Capital creates a professional and efficient energy asset management platform, offering asset holders flexible monetization options and comprehensive operational solutions, thus optimizing asset value [5]