1 What is asset liquidity?
Asset liquidity refers to the ability of assets to be realized at a reasonable price. The greater the liquidity, the stronger the liquidity of assets. The common assets from strong to weak liquidity are: cash, deposits, bonds, stocks, real estate. At the same time, liquidity is also one of the important factors affecting asset pricing. The same type of asset, the stronger the liquidity, the smaller the liquidity discount when selling a transaction, and the higher the asset disposal income. The stronger the liquidity of assets, the stronger the mortgage property and the more welcomed by banks.
2 Why do we need to increase the liquidity of PV power plants?
Improving the liquidity of PV power plants has the following benefits:
(1) Reducing the loss of liquidity discounts in the transfer of photovoltaic power plant assets and improving investment returns;
(2) To cultivate the photovoltaic power plant assets trading market, and to push the quality of photovoltaic power plants from the market side;
(3) Reducing search costs and negotiation costs and shortening transaction time, so that PV power plant assets can enter the asset allocation of ordinary investment institutions or people;
(4) Strengthen the market pricing function of energy assets and restore the true value of PV power plant assets;
(5) Make the property of PV power plant assets stronger and become a popular collateral for banks.
Therefore, it is particularly important to improve the liquidity of photovoltaic power plants to promote the leap forward of the photovoltaic industry and improve the capital operation efficiency of photovoltaic power plants.
3 How to improve the PV power plant asset mobility?
A. Photovoltaic power station full process quality standardization
The first is to realize the standardization of product quality through the joint efforts of the government and industry; the second is to realize the standardization of the construction process of photovoltaic power plants from equipment selection, project development, equipment procurement, certification testing and construction and installation. In order to realize the traceability of the quality of the photovoltaic power plant, the asset value of the photovoltaic power plant can be quantified at a low cost and quickly, which facilitates the trading and securitization of the photovoltaic power plant.
B. Quantify PV plant risk
On the basis of the whole process quality data of PV power plants, insurance is fully introduced at every step of the whole process, so that from project development to grid connection and operation, the risks in the formation of PV power plant assets are risk-controlled by financial institutions. The professional assessment of the department, the risk is fully identified and quantified, which will greatly increase the financial properties of the photovoltaic power plant assets.
C. Reduce unnecessary government regulations
Reducing the administrative approval of the whole process of PV power plants from development to construction and operation, and reducing the soft administrative costs of both sides of photovoltaic power plant transactions, which will help investors and financial institutions clarify the technical risks and policy risks of investing in photovoltaic power plants and increase the market. Transparency reduces the investment costs and transaction costs of photovoltaic power plants.
D. Using Financial Innovation to Accelerate Capital Investment and Repatriation of Investors in Photovoltaic Power Plants
In addition to conventional financial credit instruments, capital funds or bridge funds during the construction of photovoltaic power plants can be obtained through internet crowdfunding, allowing investors to quickly raise construction funds and allow ordinary people to have access to photovoltaic power plants. The asset securitization of PV power plants enables investors to quickly recoup previous investment funds and enter the next cycle of PV power plant development.
E. Introduce third party letter
The introduction of third-party credit enhancement will help reduce the risks of photovoltaic power plant asset transactions and improve the financial properties and liquidity of photovoltaic power plant assets. For example, the insurer can carry out risk endorsement of the operation safety of the power plant, third-party testing agencies can check and endorse the quality of the power station, financial institutions can provide financial services and support for both parties to the transaction, and the transaction and data platform can be used by both sides of the power plant transaction for credit investigation. Provides big data support.
F. Build and form a photovoltaic power plant asset trading market
With a trading market, assets will have real liquidity before they can be realized. Houses need to be realised through the real estate transaction market, land needs to be realised through the land market, transportation tools need to be realized through the used car market, bills, certificates of deposit, bonds, and funds need to be realised through the financial market, and production equipment and inventory need to be realised through professional production materials markets. , Equity, trademark rights, billing rights, accounts receivable, etc., need to be realized in the corresponding market. Photovoltaic power plants also need specialized markets to realize their benefits.
At present, the cumulative installed capacity of domestic photovoltaic power plants exceeds 70 GW, the total assets of photovoltaic power plants exceeds 700 billion yuan, and the annual scale of new photovoltaic power plant assets is approximately 1,500-200 billion yuan. In the field of photovoltaic power plant terminals, a large number of professional service providers have been formed at every link such as site survey, feasibility study, power station design, filing and network application, project construction, monitoring operation and maintenance, and asset operation. The more transparent the data become, the more data can be traced back. Such a huge asset scale market has already begun to have enough elements to form the PV power plant asset trading market.
After professional development and construction, the investment of photovoltaic power plants has precipitated in the form of fixed assets, and has certain properties of real estate, forming high-quality assets with good cash flow. For the full-line type photovoltaic power station, its investment income is relatively fixed and it has the characteristics of fixed-income bonds. For voluntary self-use type (EMC mode), photovoltaic power plants have fluctuations in their investment income, and they have characteristics similar to those of real estate or equity, and they are used by the owner. When the electricity price goes up (down), the yield rises (falls).
Quality, big data, risk control, and credit enhancement are all necessary and insufficient conditions for the formation of an asset trading market for photovoltaic power plants. Market demand is a sufficient condition. The green property of the PV power station itself and its 8-12% return on investment make the PV power plant have a certain investment demand. In 2016, the newly installed capacity of more than 30 GW domestically reflected the market demand. Even if there is a demand for market transactions, it may not be able to spontaneously form a trading market. Before the open stock exchange market was invented, there was also a large amount of equity trading activities. However, after the formulation of the rules and the design of common stocks that could be traded and circulated, the equity trading market flourished and the stock market became the largest direct financing source. market.
At present, the transactions of photovoltaic power plants are realized through the transactions of the shares of the photovoltaic power plant project company. This follows the general rules of the first-level market equity trading. However, because the photovoltaic power plant itself is simple and easy to quantify, it is fully capable of forming a specialized and unique trading market, making asset delivery faster and more convenient. This trading market is either in the name of a national legal exchange or in the name of a market-oriented third-party trading platform. Wait and see.
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