近日，TCL光伏科技旗下项目公司——惠州碳和新能源管理科技有限公司2 02 5年度第一期绿色定向资产支持票据（ABN）已成功在中 国银行间市场交易商协会完成注册，注册规模人民币5亿元，本期发行金额1.87亿元，标志着TCL光伏科技在绿色金融创新与资本运作 方面实现关键突破。 实践资产证券化 激活工商业光伏电站内在价值 在"双碳"目标持续深化、光伏行业加速市场化转型的关键阶段，此次ABN票据发行以TCL光伏科技旗下优质工商业分布式光伏资产为 底层支撑，募集资金此次ABN发行所募资金将主要用于光伏电站新建、现有光伏项目运维升级、新产能布局及技术研发投入等，为 TCL光伏科技深耕绿色能源领域注入强劲资金动能。 加速构建资金闭环 推动分布式光伏高质量发展 对TCL光伏科技而言，本次ABN的成功发行，不仅是融资渠道的拓宽，更是其推动业务从"重资产投入"向"集约化运营+资产价值释 放"转型的关键举措。通过将存量电站的未来收益进行证券化，TCL光伏科技有效盘活了沉淀资产，加快资金回笼，为后续电站投资、 市场拓展与技术升级提供持续的资金动力。 在当前光伏行业全面迈入"市场化交易"新周期的背景下，此次ABN的落地，也为其打造建 ...

Core Viewpoint - Tianjin TEDA Resource Recycling Group Co., Ltd. (TEDA) and its subsidiary Tianjin TEDA Environmental Protection Co., Ltd. have successfully issued green financing instruments, marking a significant step in their green development journey [1][9]. Group 1: TEDA's Low-Carbon Transition Bond - TEDA successfully completed the first non-public issuance of low-carbon transition-linked corporate bonds in Tianjin, with a total scale of 1 billion yuan [2]. - The bond consists of two varieties: a three-year bond and a five-year bond, each issued at 500 million yuan, with coupon rates of 2.59% and 3.13% respectively [2]. - The subscription multiples were 3.53 times for the three-year bond and 2.12 times for the five-year bond, indicating strong market interest [3]. - The bond terms are directly linked to the company's low-carbon transition goals, specifically the annual waste processing capacity of its waste-to-energy project, reflecting a commitment to high-quality development and transformation [3][9]. Group 2: TEDA Environmental Protection's Green Asset-Backed Notes - TEDA Environmental Protection successfully issued green asset-backed notes (ABN) with a total scale of 560 million yuan and a five-year term, with an average coupon rate of 2.42% [8]. - The average subscription multiple for this issuance was 2.22 times, demonstrating investor confidence in the company's green development strategy and operational capabilities [8]. - This issuance marks the second successful launch of such green financial instruments by TEDA Environmental Protection, reinforcing its position as a pioneer in the green finance sector [9]. Group 3: Strategic Implications - The successful issuance of these financial instruments injects strong green financial momentum into TEDA's ecological and environmental protection industry, supporting the construction of a circular economy system and contributing to national dual carbon goals [9]. - The issuance aligns with national strategies to promote green development and create a market economy system that supports low-carbon development, as emphasized in the 20th National Congress of the Communist Party of China [9]. - TEDA's innovative products link environmental performance with capital costs, creating a positive cycle of technological upgrades, emission reductions, and financing convenience, positioning its resource recycling business as a national benchmark [9].