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our environmental policy, we have a 73rd issue, this is our national energy Board on a notice of release 2015 PV implementation programmes, we can see the country today we determine the size of 17.8GW, equivalent to the total installed capacity of the three gorges project last year, 14GW ratio increased. This issue will undoubtedly give us photovoltaic market with a major boost, our PV industry has entered a new era of the great leap forward, we can release from the State can be seen.

we see the curves, PV is able to maintain a normal price starting from 2011 year until 2015, the whole line with the rate of 112%, from 2014 to 2015 is growth, and our Financial Secretary Antony LEUNG has said, I in the adjustment of energy structure, including Director Lee said, next year the amount of 40 per cent to 50GW, PV of future prospects are very good.

members are very concerned about the quality of the PV power station, has been on the agenda, and how our quality and our industry's standards, this is very important.

currently we investment power station very clear, although national of subsidies policy electric price is 20, but power station of life are is according to 25 years to consider of, we currently power station of cash flow distribution is according to 25 years to of, if quality not qualified, we 25 years power attenuation, and appeared major quality of problem, electricity up not to expected, we back paragraph also up not to expected, such on financing party for will produced effect, also will effect we project of financing. We of standard also is some, Ministry 2015 introduced has some industry of specification conditions, on we of manufacturing quality of parameter also for has provides, 2015 we to achieved 18 a GW of capacity, assumed we because various of built cost not as, assumed we according to each w 8.5 block money of cost to measuring (consider to some is acquisition of), if capital according to 20% to consider words, actually we need of financing to reached 120 billion, if according to 30% Is about 106 billion. We average investors are out of the capital, the vast majority of investors are not wholly to vote, which means that financing is a big head, financing could be successfully implemented is key to the success of our projects.

for example you are using leasing (long-term financing), the problem it solves is the construction period (finance leasing more expensive 8% and 10%) is a year short melting can ride out the storm, but if 8% to 10% with 25 or 15, we should not have been, switching to a long-term financing is a key to the success of the project. We've seen other companies paid the advance, short term Fund also found, but since there is no long-term financing arrangements, resulting in shortage of funds of this power station last, as well as the increase in financial costs, which in fact is a very good project, and finally turned into a bad project, this has happened.

for currently financing exists which problem, if project early development not specification, will caused financing of obstacles, project early of not specification has many, currently has many reality of problem, like we now are is national to control subsidies of lines, are is total capacity of control, total capacity control finished yihou to subsidies of total control, is total of subsidies index, total index annual layer Layer issued yihou, basically are to has second half of, to has second half of yihou is when to completed of index, This often results in the us in order to achieve the target end of the year was not started, or have your target Rob duration, there will be a lot of problems. Which like planning card, and construction card, and land titles will caused we loan of problem, especially land titles, some Bank requirements land proved option, actually now when starts, and when completed, often land procedures, and land of proved is when took not to of, when took not to words, when are to relies on some short-term of loan, even some may second years also took not to, such on caused has we financing obstacles. Other than this, there are many other reasons, can create financial-impaired.

and financiers because non-technology, financial institutions prudent, mainly because of the quality of the PV power plant problem, especially now that some of the reports, such as last year's report of the photovoltaic industry has released a number, say we have about one-third plants are of substandard quality, even the quality of some reports also said component two-thirds failed. This increased the difficulty of their approval of financial institutions, there was even a decaying power station three years, attenuation of 25 should, we are 20%, some attenuation of 30% three years, of course, this is probably some thin-film, amorphous silicon to form less attenuation. Stability of financial evaluation Agency for power generation, in particular electricity can foot, as well as some other problems with the quality, both for financial institutions is very difficult, or even a veto.

actually in addition currently except quality zhiwai, also has a more big of dangerous, is power, especially large ground power station, yesterday also is yesterday Inner Mongolia autonomous region, of grid company released has a official file, said 2015 PV power station power not over 6%, wind electric not over 15%, I think this also is good of, if you released this file, power rate not over 6%, I measuring can to by 6% to measuring I of returns rate, but has some provinces power rate only sent has 10%, Limit of 90% in January of this year, only this power station is expected to 50% last year, the larger risk than quality of the wind. Certainly today early Leung Director also told has, this year may to implement implementation can renewable energy method, not allows limited we new energy, but actually grid is a balance, that place elimination na on no, it didn't approach, this problem involves national grid [micro-Bo] of construction and planning of problem, how reasonable to for planning, also has many productive of problem, but I believes this problem yihou will solution. So why do financial institutions they discretion.

industry and construction period financing does not match the PV power plant soon, and some even said two or three months built up, very short, but we are capital intensive, resource requirements are very large, so repaying the loan in place far from adequate to meet the requirements of our photovoltaic power plant construction. If it is put back, and short thaw increases the cost of our projects over a long time, disguised to let the project rate of return and fall down, PV cycle is typical of a financing mismatch things.

project financing although has many innovation, but currently also is compared single, private enterprise of financing cost high, now we so-called compared single main also is we application of Bank of long-term financing means mainly to solution we 25 years loan of problem, other of some financing means only became a auxiliary means, to mass to development PV, regardless of is how innovation, may from future for also is we industry Bank long-term financing mainly, I personal think, As an effective complement to other innovative approaches, especially going to develop.


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