Research On Financing Scheme Of Xuan Li Photovoltaic Power Generation Company

In recent years,with the promulgation of relevant national incentive policies,comply with the development trend of low-carbon economy,energy conservation and environmental protection,more and more enterprises invest in photovoltaic power generation projects.Up to the year of 2017,China's new installed photovoltaic power generation ranked first in the world for five consecutive years,and the total capacity ranked first in the world for three consecutive years.However,photovoltaic power generation industry is a typical technology and capital intensive industry.At present,the unit kilowatt cost is still higher than the traditional thermal power generation,so the construction of photovoltaic power stations is in great demand for funds.In view of the particularity of the industry,the investment payback period of photovoltaic power plants is long,and bank loans generally need mortgage of real estate.The assets of photovoltaic power plants are mainly power generation equipment,and the proportion of real estate in the total assets is very small,which makes financing difficult and capital shortage,and becomes an important constraint for photovoltaic power enterprises to invest in construction projects.Because of the limitation of credit conditions,it is more difficult to solve the financing problem through the credit funds of traditional banks,especially for the photovoltaic power generation enterprises with private background.Xuan Li Photovoltaic Power Company is a project company established by Xuan Li Group for the construction of 60 MW photovoltaic power generation project.The company was founded in 2016.The photovoltaic power generation project started in November of the same year and was connected to the grid in the second quarter of 2017.During the project construction period,the company originally planned to use bank loans to solve the financing problem.However,with the adjustment of shareholder strategy,changes in national policies and market environment,the original financing methods can not meet the actual needs of project development.This paper reviews the classical theories and methods related to financing,and provides theoretical guidance for financing of Xuan Li Photovoltaic Power Generation Company.On this basis,the general situation of the project,the status of the lessee,the status of market financing and the existing problems are analyzed.Through analysis,it is concluded that the project company itself is in stable financial condition and the future income of the project is in good condition.This paper determines the priority to select strategic investors,and follows the principles of reasonable structure,timely financing and economic mode.At the same time,we should introduce equity capital and creditor's rights funds to ensure the capital demand of the project.In the aspect of equity financing,the state-owned enterprises are chosen as the equity financing parties;in the aspect of creditor's rights financing,considering that power generation equipment can be used as lease,which matches the power generation assets owned by photovoltaic enterprises,and the construction cycle of photovoltaic power stations is short,and compared with banks,the financing leasing company has the advantages of fast approval speed,high efficiency,and can meet the needs of project financing as soon as possible,so we choose financial leasing for the company to provide debt financing support.According to the feasibility study report and the actual situation,this paper calculates the cash flow of the company during the construction and operation period,and proves that the selected financing method can meet the follow-up fund arrangements of all parties.After determining the financing plan,this paper discusses the specific operation steps of equity financing and debt financing and the risk points in the process.Finally,this paper puts forward some specific suggestions on the financing of Xuan Li Photovoltaic Power Generation Company from three aspects: organizational security,institutional security and personnel security,including the establishment of an independent investment and financing department,the establishment of investment and financing authorization examination and approval,the establishment of risk control system,the improvement of financial management system,and the improvement of human resource management,establishing effective incentive mechanism,etc.