新能源发电行业及其市场化进程概览白皮书

Investment Rating - The report does not explicitly state an investment rating for the renewable energy generation industry. Core Insights - The renewable energy sector in China is experiencing significant growth, with a notable shift towards cleaner and more efficient energy systems driven by technological advancements and policy support [9][10][13]. - As of mid-2024, the total installed capacity of renewable energy generation reached approximately 1.653 billion kilowatts, with solar and wind power accounting for 25.4% and 15.9% of the total capacity, respectively [10][20]. - The report highlights the increasing market share of renewable energy projects, which accounted for 88% of new power installations in the first half of 2024, indicating a robust trend towards renewable energy adoption [20]. Summary by Sections 1. Current Development of China's Renewable Energy Generation Industry - Renewable energy includes solar, wind, hydro, biomass, ocean, and geothermal energy, which are environmentally friendly alternatives to fossil fuels [9]. - The energy structure in China's power market is changing significantly, with a growing share of renewable energy and the integration of new technologies like artificial intelligence [9][10]. 2. Marketization Process of Renewable Energy Projects - In the first half of 2024, new renewable energy installations totaled 134 million kilowatts, a 24% increase year-on-year [20]. - The report outlines the marketization paths for wind and solar power, including investment mergers and acquisitions, initial public offerings (IPOs), and asset securitization products [35][43]. 3. Investment and Mergers & Acquisitions - The renewable energy sector saw 59 merger and acquisition transactions in 2023, a 40% increase from the previous year, with disclosed transaction amounts totaling 13.3 billion yuan [39]. - The report emphasizes the role of state-owned enterprises in leading these transactions, while private enterprises are also increasingly active in acquiring operational support and power stations [39]. 4. Initial Public Offerings (IPOs) - IPOs provide companies with access to a broader investor market, facilitating capital raising for future development and operational costs [43][46]. - The report discusses the advantages and risks associated with IPOs, including increased capital accessibility and potential legal liabilities [46][47]. 5. Asset Securitization Products - The report details various asset securitization products applicable to the renewable energy sector, including Pre-REITs and public REITs, which help improve liquidity and financial structure for renewable energy companies [48][53]. - The market for renewable energy REITs is expected to grow, driven by increasing demand for green investment products [53][54]. 6. Valuation Methodology and Parameters - The report outlines different valuation methods for renewable energy projects, including income and market approaches, tailored to the project's operational stage [55][57]. - For operational projects, the income approach is commonly used, while in-construction projects often rely on asset-based methods [63][64].