Research On Assets Securitization Of Company A's Power Access Rights

Since the industrial revolution,the over-dependence of human economic and social development on fossil energy has brought about severe challenges such as resource shortage,environmental pollution,climate change and large population without electricity,which has become an important problem affecting and restricting the sustainable development of the world.After the UN climate change conference in Paris in 2015,the shift to a clean energy development model has effectively become an important energy development trend of all countries in the world,and renewable energy will show new growth globally.In the field of renewable energy power generation,photovoltaic power stations are developing rapidly.However,in the early stage of photovoltaic power station construction,a large amount of capital investment is needed.Due to insufficient capital status,the limited capital collected from the construction has become an important influencing link for the rapid development of photovoltaic power stations.Conduct a comprehensive research and analysis on the capital flow required by the construction of photovoltaic power stations,scientifically and rationally use asset securitization products,so as to effectively realize the purpose of rapid return of funds,strengthen the capital turnover,effectively improve the asset structure,and actively promote the sustainable and rapid development of photovoltaic power generation industry.Based on this,this paper selects the securitization project of A company's power online earnings right.This case is the first successful issuance of asset-backed security of photovoltaic power generation income right in China,which has certain representativeness.Through in-depth analysis of the underlying assets,trade structure,risk,etc.,summarizes the underlying asset credit is higher in this case,the overall credit risk is low,credit enhancement measures to improve,but remain of the original credit rights and interests of people down,such as renewable energy subsidies are not in place in time risk: the original rights and interests of people is asset services,and the balance payment commitment to people,people.In case of financial crisis,loss of continuing operation capability or even bankruptcy of the original owner,the cash flow generated from the underlying assets will not be able to pay the principal and interest of the senior asset-backed securities in full.Renewable energy subsidies account for more than 50 percent of the photovoltaic feed-in tariff.If the province electric power company allocated to cycle extended,or part of photovoltaic power station did not obtain the full specified amount of renewable energy subsidies,will cause the original rights and interests of people will not be able to effectively obtain enough electricity subsidies benefit,underlying assets generated cash flow is lower than expected,and asset-backed securities to give priority to file an important impact on time full specified amount of pay.Combined with the case analysis,this paper summarizes the inspiration of this case for other energy companies to carry out the asset securitization business from the aspects of the financial situation of the original stakeholders,the legal environment in which photovoltaic enterprises promote the implementation of asset securitization,and the impact of asset securitization on the original stakeholders.