Case Study On Photovoltaic Asset Securitization Of Shenzhen Nanjing Energy Holding Co.LTD

The new policy called “531” as the domestic photovoltaic development so far in the history of the most in-depth stringent regulation policy,policy objective indicators limit PV industry development scale,strict controls of governments,to reduce the state subsidies,this will lead to many investors under the photovoltaic industry increased uncertainty about the future of the photovoltaic industry,on the subsequent development of photovoltaic industry also increased the difficulty.But the New Deal also gave the whole industry a screening,the survival of the fittest after the brutal process,will improve the competitiveness of the survival of enterprises,industrial scale structure,the final industry impetus from the government subsidies to market competition,the industrial subject is gradually optimized.At present,the main challenges faced by photovoltaic enterprises lie in the high initial investment cost and long capital recovery cycle,which leads to the large scale of precipitation capital and the limited reinvestment of enterprises.The key to surviving in the harsh policy environment is to solve the problem of enterprise financing,so as to promote the application,promotion,market transfer and project expansion of photovoltaic power generation projectsand related product manufacturing.In this paper,firstly,the development background of domestic photovoltaic industry and relevant research results at home and abroad are expounded.Combined with the development situation of domestic photovoltaic industry,the financing methods of photovoltaic enterprises are compared and analyzed to analyze the feasibility of asset securitization in product characteristics,policy environment and practical application.Then,taking the first centralized photovoltaic power station asset securitization case in China as the research object,the selection of its underlying assets,the design of transaction structure and transaction process,the way of credit enhancement and other systemic risks are analyzed.Combined with the results of case analysis,this paper proposes a dual-SPV structure under the mode of platform credit enhancement to design another type of photovoltaic power station--distributed photovoltaic power station asset securitization scheme.Finally,the research results and enlightenment are summarized.