Research On Selection Of Financing Leasing Mode For Photovoltaic Power Plant Enterprises

The increasingly tight energy supply and prominent environmental issues make PV become the most potential new energy industry.However,with the government adjusting subsidies gradually,the development model relying on financial subsidies is difficult to sustain.PV companies must increase their external financing in order to obtain sufficient financial support.Due to the long construction period and the uncertainty of investment return expectations caused by policies and other factors,it is difficult for PV power plants to obtain financing through traditional financing methods such as bank credit.Financial leasing has been accepted more and more for its simple business process and easy operation.Comparing other financing methods for photovoltaic power plant enterprises,financial leasing has much higher compatibility.There is an increasing number of enterprises choose financial leasing to meet their financing requirements,and also more financial leasing companies take photovoltaic plate as the focus of their business development.However,most of photovoltaic power plant enterprises choose after-sale lease-back mode,which could achieve the purpose of financing through financial leasing simply.There is another important mode of financial leasing named direct financial leasing(or direct lease),which has dual advantages of "Financing and Leasing",but not been widely used.The direct financial leasing model reflects the origin of financial leasing,and has considerable advantages for its tax-saving and promotional functions,but this advantage is quite different from the current situation of industry choice.This paper firstly summarizes the background and current development of financial leasing in China,analyzes the current situation of financial leasing of photovoltaic power plant,and discusses the choice of financing leasing mode.Then,starting from the photovoltaic power station enterprises,combined with specific cases,explores the advantages and difficulties of direct financial leasing in the practice.Finally,conclusions and recommendations of the study are presented.The results of this paper show that: for the lessee,direct lease can reduce financing cost;for the lessor,direct lease can lock up the use of funds and reduce transaction risk;from the perspective of financial leasing companies with insufficient VAT input,direct lease is more attractive;and for photovoltaic power plant enterprises,direct lease is relatively easier to finance.