Power Generation Enterprise Asset Securitization Research

Currently the main sources of funding for the construction and operation of power plants mainly rely on capital market financing and bank loans, but some problems such as small amount of financing、a number of institutional barriers、 increased risk of bank accompany these ways. Basing on the assets quality of power plants, future cash flow stability, can be more accurately predicted, liquidity is poor, long payback period and other characteristics, this paper proposed the introduction of asset securitization financing into power plants in order to activate the huge fixed assets of power plants, diverse the power investment so that investors diversification, and further improve financial efficiency.This paper explains the background and meanings of introducing power plants asset securitization in our country, and it presents fundamental theory of asset securitization, besides, it also uses asset securitization in some other countries for reference. On this basis, it conducts a feasibility analyse of developing power plants asset securitization in our country. What’s more, according to the characteristics of power plants asset securitization and system environment in our country, the optional model of power plants asset securitization which is applicable in our country is designed. Furthermore, the basic train of thought is put forward:effectively combine power plants assets to form the power plants asset pool, and then sale it as fundamental asset to particular target institution (SPV), afterwards, SPV takes the charge to design security portfolio which is sopported by the future generated cash flow of power plants asset pool, and then exercise cedit rating and enhancement to security portfolio by credit rating agencies, and eventually commission brokers to market the securites, hereon, SPV can use securities sales revenue to pay the assests purchasing price, and use the its generated cash flow to pay principal and interest for investor. In the final part, this paper proposes the applied restrictions of electric power assetssecuritization in our country and also offers its solution.