Polaris solar PV net news: recently read a piece of information: Bank credit into “let go” and usher in a new round of PV industry “Golden” opportunity State Bank, ICBC, China Construction Bank, China Merchants Bank, industrial classification, grading, and Shanghai Pudong Development Bank loans provided to technical innovation ability of photovoltaic companies. This news came out very attract people’s attention, but not the Bank released positive news for the PV 2012 State CDB support, introduced PV “six large and six small” enterprise policy, and the implementation of the result is not satisfactory. Author has been involved in the development of photovoltaic power stations in recent years, construction work, usually also have treated with banks, in-depth exchanges with various types of photovoltaic companies did was banks ‘ lending problems of photovoltaic companies, also was the helplessness and hopelessness, summarized as follows:
Heavy restrictions on PV enterprises
Talk about bank lending levels. According to the China Merchants Bank credit guidelines issued by the photovoltaic industry, objects are divided into classes of loans: for large State-owned power companies “can be used as our main target customers”; for professional power plant developers “I preferred to intervene … … Some customers “; of upstream PV manufacturers to power industry and raw materials,” in principle does not intervene in this type of customer. “
Universally known, “upstream the photovoltaic manufacturing companies” actually mainly constituted by private enterprises. Through this provision, is in fact plainly how “lending to private enterprises to be careful” unspoken rules.
Bank lending to photovoltaic power plant developers in recent years as an example, I give you further instructions. Nearly 3 years, investment in the photovoltaic plant, basic is the National Development Bank (hereinafter referred to as State CDB) loans. For the large State owned enterprises, State CDB has the credit, basically if you have a project, CDB is unconditional support, free money as long as 20%, and the method of withdrawal of funds is more free, extracted can extract at once or in batches. For large, publicly traded companies, because lenders are generally the project company, it is listed to pick stocks or other collateral to guarantee. For unlisted private companies, the first to look at feasibility report capital gains rate, the second must have paid their mortgages. Some people might have said, can take power station for 20 years the right as collateral. Actually the right mortgage is certain, but private loans must be other fixed asset collateral, preferred commercial property and real estate, equipment, mortgage 30% mortgage 20% or at most, according to the existing book value.
A case study of private enterprises, the company built the 50 megawatt photovoltaic power plant in the northwest province, project feasibility report estimated total investment of 500 million Yuan, self-raised funds 30%, which is 150 million dollars, applying for a bank loan is 70%, which is 350 million dollars. Private enterprises to put their own commercial real estate mortgage of around 350 million dollars to the Bank, was mortgaged to the Bank the right to charge to the PV power station for 20 years, and also bear unlimited liability of legal person of the company, corporate and spouse must issue a statement to the Bank–all of the assets of the couple in an enterprise cannot bear unlimited responsibility for banking when bank debt debt. Even after normal power generation power station construction is completed, all secured loans are also be able to lift the project. After the plant is completed, the nearly 850 million dollars of assets frozen in private enterprises (station is about 500 million Yuan, commercial real estate mortgage of about 350 million dollars).
Even when private enterprises in bank borrowing in addition to the above conditions also requires double the lender, and the project company is a debtor of the parent company.
In terms of drawing State CDB is also limited, General lending is signed by the project company’s equipment contracts and progress payments, won’t make companies a one-time withdrawal of funds (fear of corporate donations run).
Two ways of thinking at work
Next, look at the hierarchy of bank interest rates. Of the CDB CDB, for the large State owned enterprises, State CDB is the benchmark interest rates to fall about 10%, for large listed companies is the benchmark interest rate was above the benchmark rate of private enterprise 8%~10%. Difference between private enterprises and trimming the cost of capital of nearly 20%! Comes from the taxpayers to support completely different from the policy.
SAC provides that trimming the liabilities of more than 70%, no development of new projects and loans, but the average debt ratio of 84% five major power companies, which do not exceed 70%? Why are they able to obtain bank loans with low interest rates without it? Only icing on the Bank of nature does not help, then why take care of photovoltaic investments in the five major power companies? Plainly these two thought that exist: the best way to prevent the loss of State-owned assets was rotten meat in the pot, and the sins of private enterprises.
Corruption from 18, there is a huge gap between the public and private, all of corruption against public, banks are not lending to enterprises, such as China resources, the railway company and all other SOEs are also like that. But if it is a private enterprise is miserable, bosses should be arrested or anything, all banks will let you get on a loan, the Government can force took his property auctions, such as Chen mingliang, Chongqing black the rich.
Loans to SOEs, even if it is broke, none hold the bank lenders accountable; lending to private enterprises, calling Bank will step down.
By 2013, PBC issued a document withdrawing financial institutions loans interest rates of 0.7 times times the lower limit, in accordance with commercial principles determined by financial institutions loans interest rates. Lifted the bottom line for banks ‘ lending rates to fall was arguably good, facilitate competition among banks. A private enterprise boss said something: credit loans on, talking about interest rates to fall a bottom line?
To sum up, if the Bank lending through tainted glasses for banks on positive news of the photovoltaic industry, than was said to be on trimming the large solar support policies such as (beginning in 2011 State CDB has been supporting), private enterprises still want to be self-reliant!
Original title: why do banks lend to PV of “tinted glasses”?