The financing of photovoltaic projects has always been an issue of concern to everybody. Whether foreign mature financing models are used as a reference and whether China's photovoltaic industry has developed its own experience so far has become a hot topic for discussion. The following introduces you to several financing models for reference.
I. Debt financing (traditional financing model)
Establish a strict standard system for new projects. Only projects that meet the standards can obtain financing and achieve limited recourse.
Financing products: bank loans
Difficulty: ★★★★★
Second, PPA / lease
This method is a unified system. Promoting local government to set up a financing platform based on corporate credit and operating in a market-oriented manner in the pilot area, with the qualifications for borrowing and the capacity to borrow (ie the borrower). The CDB provides credit facilities to the financing platform. The financing platform uses entrusted loans and other effective fund operation methods to provide financing support to eligible individuals.
Financing products: long-term, stable and low-cost bulk loans
Difficulty: ★★★★
Third, asset securitization
For power plants that have been completed and connected to the network and generate cash flow, after introducing risk control and sharing measures, invest in power plant equity or income rights.
Financing Products: Equity (Rights) Investment Funds, Trusts, Financial Leasing
Difficulty: ★★★
Fourth, crowdfunding model / Internet finance
Raising funds to the general public for project financing is a new attempt for photovoltaic companies to expand their financing channels. This is based on the fact that the photovoltaic industry itself is capital-intensive and requires a lot of funds. On the other hand, solar energy has a stable return. Electricity bills can provide investors with a fixed income.
Financing products: Project loans directly from the public
Difficulty: ★★★
V. Green bonds
At the end of 2015, the People's Bank of China formally launched green financial bonds. The National Development and Reform Commission subsequently issued the “Guidelines for the Issuance of Green Bondsâ€, which guides the development and utilization of solar energy as a key support project at this stage. Enterprises that apply for the issuance of green bonds may appropriately adjust the current audit policy for corporate bonds and certain conditions for access specified in the “Several Opinions on Comprehensively Strengthening the Risk Prevention of Corporate Bondsâ€: the ratio of bond raised funds to the total investment is relaxed to 80% (relevant regulations) Except where there is a minimum requirement for the minimum capital limit). Companies that issue green bonds are not subject to bond issuance targets. Under the premise that the asset-liability ratio is lower than 75%, the size of credit products of other companies will not be examined when the scale of debt is approved.
Financing products: Non-public bonds for institutional investors
Difficulty: ★★★
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