Polaris solar PV net news: PV asset securitisation is the true meaning of photovoltaic industry carriers, this ship came out, peace!
Asset securitization in the domestic photovoltaic power stations currently there has not been a successful demonstration. The reason, is reflected in the following aspects:
First, the compliance problem in the underlying asset. The securitization business of securities companies management requirements of asset securitization assets without any form of collateral, and the basis of liability, and demand was strong for private enterprises, or have multiple forms of photovoltaic power plant assets mortgaged, or as a result of combined with well-funded institutions makes the underlying asset has become actual liabilities.
Secondly, financing problems. Although the securitization business of securities companies management provisions does not impose any restriction on this, but agencies like to assist up to a large project has become operational assumptions. With electricity price is 1 Yuan, an annual time of 2000 hours of sunshine in the next 5 years tariff income, if you are implementing a single asset securitization products to raise 1 billion yuan RMB, the standard power plant scale should be above 100MW. At present, many private companies of this size.
Third, the financing costs. Holds a lot of power plant assets of State-owned enterprises have the scope to launch asset securitization products, but in reality the lack of enthusiasm in two ways: first, the theoretical asset securitization financing costs are lower than bank financing may be slightly higher than in the actual loan financing and second, if the loan is not limited by the asset liability ratio, asset-backed securitization financing for the same assets is less than the loan.
Finally, taxation of transfer of ownership of assets. In order to enhance trust, corresponding assets securitized assets shall be removed from the original owner’s balance sheet. Under current tax law, the original owners sold and repurchased assets any income tax shall be levied on the asset sale also generated from stamp duty and sales tax. Only in our current business tax 5%, has undoubtedly greatly increased the issue PV asset securitization of financing costs.
Finally, Government no asset securitization of the PV power plant play a more catalytic role.
Original title: factors affecting the asset securitization in the domestic photovoltaic power stations are there?