Comparative Study On Renewable Energy Financing And Legal Guarantee Between China And The U.S.

In recent years,financing difficulties have become an obstacle of China renewable energy industry.The traditional financing tools under the government-led model highlights the institutional malpractice,which is manifested in inefficient of financing and high legal risk.The government financing with low legal level,unstable financing policy,and high risk of rent-seeking;Bank credit strongly guided by policy,led to an investment discrimination,private enterprises have a harsh financing conditions;In the securities market,equity financing is limited by the securities laws and the issuance of the SFC,and frequently suffered from delisting crisis in overseas market.Moreover,the government subsidy lack of incentive and restraint mechanism,there is an investment discrimination in the bank credit,and also the equity financing subjected by trial restrictions,and also the incentive and restraint mechanism in government-financing,the legitimacy of financial innovation tools and investor protection have not yet been clarified in legal norms.In contrast,the United States as one of the country which developed and utilized renewable energy source earlier,has accumulated lots of wealth legal experiences.Especially under led of market,the innovation of renewable energy financing,reflects the maturity of its legislative technique.By cultivating a marketization;legalization;systematization financing atmosphere,stimulated the potential of the market to create more new business model.The financing lease of Solar City,the crowd funding of Solar Mosaic,the Yield Co of NRG,are classic teaching case of American financing innovation.The value of these financing innovation cases are not only copy the model,but also led China try more deeply in renewable energy financing innovation.Under the new economic norm,our government tries to promote the Public-Private Partnership(PPP)in the field of energy,which not only reflects the introspection of the legal dilemma of China traditional financing,but also emphasize the reference to the legal experience of American innovation financing.Such construction ideas of PPP,reflects a marketization-legalization-systematization way of government's cultivation.It is certain that,the financing model likes PPP,which is marketization-legalization – systematization,will become the main trend of financing innovative in renewable energy era in our country.