Research On Financing Model Of Asset Securitization Of EPC Projects Based On Investment And Financing Platform

With the rapid development of economy and society, the demands of energysources daily increase. It is a proposition to be solved urgently that how to use energyrationally and effectively because of the outbreak of the global energy crisis and thedeterioration of the ecological environment. As an appropriate solution, energy-savingemission reduction measures play a more and more important role. Energyperformance contracting (EPC) is one of the most important business model whichhas developed widely at home and abroad. However, with the development of EPC, ithas encountered a series of problems, many Energy Service Companies(ESCO) lack ofeffective financing channels, which is one of the most important obstacles to hinderthe promotion of EPC.Through the literature study and related practice survey, I found it that theexisting financing mode researched lacks of excavating the financing potential of EPCprojects, such as the stable future benefits of EPC projects. Aiming at this defect, thispaper hoped to research and design a new financing model based on the stable futurebenefits of EPC projects themselves. As a new financing mode, asset securitization isan effective measure to solve the financing obstacle. This paper brings assetsecuritization in project financing of EPC which uses the stable future benefits ofunderlying assets, and builds a financing model of asset securitization of EPC Projects,and designs the detailed financing process, expectedly to effectively broadenfinancing channels of ESCO, which will hopefully solve project financing of EPC to acertain extent in our country.Firstly, this paper tidied the development situation of EPC at home andabroad, and summarized the research contents of EPC, then researched out the reasonof financing problem of EPC after surveying the practice cases and relevant experts.Based on the operation characteristics of EPC and the basic conditions of assetsecuritization, this paper realized we could try the financing model of assetsecuritization of EPC Projects. Secondly, this paper analyzed the feasibility ofbringing asset securitization in project financing of EPC, then designed the financingmodel of asset securitization of EPC Projects, on the basis of the basic principles of asset securitization financing mode, and analyzed the key links of this model. Thenthis paper researched the core problem of the financing model——credit rating ofasset securitization of EPC Projects，and built the model of credit rating of assetsecuritization of EPC Projects based on the Grey System Theory. Finally, this paperstudied the implementation suggestion of financing model of asset securitization ofEPC Projects from the angle of perfecting relevant system, setting up standardsecurities trading market, perfecting relevant supporting services and so on.