新能源REITs底层资产为何扩容？

Core Viewpoint - The article discusses the evolution and diversification of renewable energy REITs, highlighting the recent expansion of the Zhonghang Jingneng photovoltaic REITs and the implications of market changes on asset performance [2][4]. Group 1: Expansion of Renewable Energy REITs - The Zhonghang Jingneng photovoltaic REITs completed its first expansion, raising 2.92215 billion yuan with a share price of 9.712 yuan, adding hydropower assets to its portfolio [2]. - The internal rate of return (IRR) for the fund is expected to increase from 1.29% to 3.94% due to the stable income from hydropower assets, representing a 2.65 percentage point increase [2]. - The diversification into hydropower is aimed at mitigating climate risks associated with relying solely on solar and wind energy [2]. Group 2: Market and Policy Impacts - The renewable energy sector is sensitive to policy changes, particularly regarding subsidies and electricity pricing, which can significantly affect asset yield and valuation [4]. - A recent policy change by the National Development and Reform Commission and the National Energy Administration has shifted renewable energy pricing to a market-based system, eliminating guaranteed pricing [4][5]. - This policy shift has led to a decline in revenues for some renewable energy stations, with projections indicating a potential 60% drop in revenue for projects after 2034 due to subsidy reductions [5]. Group 3: Operational Considerations - The performance of renewable energy assets is influenced by grid capacity and natural conditions, with specific projects facing challenges due to reduced solar radiation and increased competition from new installations [5][6]. - The inclusion of hydropower assets is seen as a strategy to stabilize revenue fluctuations, with specific measures in place to manage water resources effectively [6]. - The management of these assets requires a strong operational team and strategic planning to ensure high efficiency and adaptability to grid demands [7]. Group 4: Investment Landscape - The recent expansion of Zhonghang Jingneng photovoltaic REITs attracted eight strategic investors, including trust funds, insurance companies, and asset management firms [9]. - Institutional investors are the primary participants in renewable asset securitization, seeking low-risk products with stable returns, which aligns with the characteristics of renewable REITs [10]. - Prior to the emergence of renewable REITs, state-owned enterprises were the main buyers of renewable energy assets, with significant acquisitions occurring to meet national energy goals [11]. Group 5: Challenges in Asset Securitization - Developers of renewable energy projects face challenges such as lengthy approval processes and high compliance requirements, complicating the asset securitization landscape [12]. - To improve the efficiency of the approval process, companies are advised to focus on clear asset ownership, stable cash flows, and strong compliance [13].