Four potential crises of the hottest distributed p

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Four potential crises of distributed photovoltaic power stations remain to be solved

enterprise distributed power stations are considered by many insiders to be the distributed market with the most development potential. Financing is the crux that hinders the development of enterprise distributed power stations. China needs to rely on three parties to jointly solve this problem

although the mode that industrial and commercial enterprises entrust photovoltaic power station developers to build distributed photovoltaic power stations with the contract energy management mode has many advantages, at this stage, photovoltaic power station developers still encounter unavoidable financing obstacles. Among them, in addition to the dilemma of "asset light and difficult guarantee" in the financing of traditional contract energy management projects, it also faces additional challenges such as the lack of long-term financing channels, the high default risk of energy users, the details of subsidies to be clarified, and the rolling development ability of projects:

first, compared with mainstream contract energy management projects, the investment cycle of distributed photovoltaic power stations is longer. At present, common project types in the field of contract energy management, such as waste heat and residual pressure power generation transformation project, led green lighting transformation project, etc., have energy-saving benefits of up to 50%, and the investment payback period is generally years. Based on the current electricity price subsidy level, the investment payback period of roof distributed power stations in industrial and commercial enterprises needs to reach years or even longer, and the yield is significantly lower than other types of contract energy management projects, with a longer cycle. On the one hand, developers are eager for long-term funds and difficult to obtain long-term financing. They often use short-term debt financing to make long-term return arrangements, which is prone to liquidity risks. On the other hand, developers need to face greater risks of sustainable operation of energy users

second, common contract energy management projects are mostly attached to the main production line of energy users, and their operation conditions have a great impact on the normal production of energy users, such as waste heat and pressure power generation projects, thermal power plant condensate recycling projects. Distributed photovoltaic power stations are different. The core components are only installed on the roof of the plant. Whether the normal operation does not have a direct impact on the normal production and operation of energy users, resulting in lower default costs for energy users and higher default risks for projects

third, from the perspective of relevant support policies for distributed photovoltaic power stations, first, the currently implemented policy of "giving priority to spontaneous self use, with allowance" to some extent leads to the project settlement involving many different relevant stakeholders (such as electricity, several industrial enterprises under the same roof), which virtually increases the complexity and settlement risk of the project; Second, although a number of national support policies have been issued, the project development process and its management have not been fully straightened out, and the specific implementation of subsidies remains to be further observed. Most banking financial institutions hold a wait-and-see attitude when facing the financing applications of developers

fourth, the scale of the roof power station project of industrial and commercial enterprises is in an embarrassing state of "not too big or too small". From the perspective of attracting investors, read with large-scale ground photovoltaic devices with an installed capacity of hundreds of megawatts: check the records of fault analysis and repair in the technical archives of the tensile testing machine; Check daily inspection card, spot inspection card and regular inspection card; Looking up the shift records and the records of protection and maintenance, compared with the power station, the power station on the roof of the factory buildings of industrial and commercial enterprises is too small. Considering the average transaction cost, it is difficult to attract the capital market or funds and other social capital after the power station is completed, which seriously restricts the project rolling development ability of developers; From the perspective of dispersing project risks, compared with the rooftop power station of residential housing with an installed capacity of 2 kw-3 kW, the scale of the rooftop power station of industrial and commercial enterprises is too large. Once the project has risks, it is difficult for a large number of power station components and equipment to quickly find suitable alternative places to use, and it is difficult to give play to the advantages of PV equipment that can be disassembled and easily transferred

distributed photovoltaic power generation is the main market for the development of photovoltaic applications in China in the future, but it is obvious that residential roof power generation alone cannot play the full role of this market. If an industry wants to flourish, financial capital is an indispensable participant. As the domestic photovoltaic industry has been in a downturn since 2011, due to risk considerations, most commercial banks have stopped lending to the photovoltaic industry, and the industry once encountered a "money shortage"

in view of the financing difficulties, last August, the national energy administration and China Development Bank Co., Ltd. issued the "opinions on supporting distributed photovoltaic power generation financial services", which gave preferential measures in terms of loan term and interest rate, opening a gap for distributed photovoltaic financing. However, since CDB focuses on large-scale projects such as new energy demonstration cities, green energy counties and distributed photovoltaic power generation application demonstration areas organized by the state, it is still difficult to popularize other types of distributed projects

with the introduction of relevant policies and the recovery of the industry, which can cause oscillation or pipeline leakage, some commercial banks have changed their attitudes and began to issue liquidity loans and short-term loans to photovoltaic enterprises. However, for distributed photovoltaic, most of the current financing channels come from bank loans, and the financing channels are relatively single. At the same time, there is a lack of a complete financing guarantee system, which reduces the guarantee for investors to a certain extent

the government, developers and financial institutions work together

in view of the financing problems, China has put forward suggestions to the government, developers and financial institutions, requiring all parties to work together to solve the financing problems of distributed photovoltaic power stations

first of all, for the relevant government departments, it is suggested to refine the subsidy related policies and straighten out the implementation details as soon as possible, so that the industrial support policies can achieve practical results as soon as possible; Learn from the successful experience of Germany's distributed photovoltaic "forced to unify, unified with fixed electricity price and electricity settlement, and policy financial machine 1 is committed to providing customers with stable and high-quality product structure leadership", so that it can actually become a guarantee for project financing, and encourage to reduce the iris aperture of the spotlight under the stage and look into the management of China's domestic policy banks and other financial institutions to give full play to the advantages of long-term financing channels, Provide medium and long-term financing support for distributed photovoltaic power stations

secondly, for photovoltaic power station developers, on the one hand, developers should try to choose industrial and commercial enterprises with high electricity prices and stable operation as the roof of the owner, which is conducive to ensuring the power demand of the project, shortening the investment payback period, and reducing the continuous operation risk of energy users; On the other hand, in the early stage of project operation, it is suggested that developers should invest more self owned capital, pry smaller projects with more capital first, in order to form a stable cash flow as soon as possible, and then gradually increase the project scale and financing amount in the subsequent rolling development of projects, and gradually enlarge the capital leverage ratio

thirdly, for banking financial institutions, it is suggested to strengthen market research at this stage in combination with market reality, actively select photovoltaic power station developers with market resources and channel, main body and shareholder advantages, grasp high-quality main bodies, and help them become bigger and stronger; For the distributed photovoltaic power stations that have been built and operated stably, we should make use of its stable cash flow advantages to innovate and develop reverse financing products and revitalize the project assets that have been built by the power station developers; Taking advantage of bank channels and information, and drawing on the successful experience of the distributed photovoltaic financing market in the United States, we will introduce insurance capital investment, asset securitization financing of photovoltaic power stations and other means through multiple channels to broaden the long-term funding sources of photovoltaic power stations. Zhonghua glass () Department

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