Research On Assets Securitization Of Distributed Photovoltaic Power Station

With the rapid development of the post-industrial era, the traditional fossil energy is facing the issues of a growing shortage of reserves and increasingly serious environmental pollution,therefore, the development and utilization of new energy has attracted the global attention.Compared with other resources in the field of new energy, photovoltaic power generation has the advantages of sustainable development, clean and efficient, scalable utilization and so on.In recent years, China has introduced relevant policies and regulations to support the development of photovoltaic industry, therefore China's PV installed capacity increased year by year, and has become the world's largest photovoltaic country. Despite the continuous introduction of China's policy to support the development of photovoltaic power plants, the acceptable level of the market is still not easy. Financing difficulties in this new field become the big problem once again. The innovation of financing channels and related financial products to deepen the development will become an important part of the steady development of the photovoltaic industry.This paper introduces the significance of the developing distributed PV and also introduces the current research on photovoltaic power generation's investment and financing all over the world in hoping to learn experience of distributed PV investment and financing model from mature markets abroad, and hoping to find a breakthrough in investment and financing innovation. This paper introduces the basic theory, classification and development course of asset securitization, and it also analyzes the kinds of asset securitization products, the transaction structure and the pricing method to provide the theoretical basis for analyzing the assets of the distributed PV power station Securitization model design. Through the research on the status quo, policy support and financing of domestic PV power plant, it is concluded that the distributed PV power station in China should be financed by asset securitization. By comparing financing models and feasibility analysis of domestic PV asset securitization , and with considering the aspects of bankruptcy isolation, financing scale and accounting treatment,this paper constructs asset securitization which is more suitable for the financing needs of distributed PV power plant. This financing model is called the dual SPV asset securitization model based on the trust scheme and asset securitization. Under this mode, trust company's is played the way of capital bridging, like the role of "channel bank" , which effectively expand the financing scale of the enterprise. Double SPV asset securitization product transaction structure is divided into two layers: the first layer is the pool of cash flow by the composition of earnings from distributed PV power station and then establish a trust scheme where the original power plant played as the beneficiary of the trust scheme; Secondly, transfer the beneficial right to the asset-support special plan, which means the cash flow of the special plan is the expected benefits from the trust benefits. Through the form of double SPV, it can improve the financing efficiency, reduce the cost of financing and development of support the distributed PV industry by integrating the future cash flow generated by the distributed PV power plant into the pool, and building asset securitization model via the trust beneficial right.