Feasibility analysis report on the use of funds raised by non-public issuance of A-Shares in 2022
February, 2002
1、 Use plan of the raised funds
The total amount of funds raised in this non-public offering does not exceed 3994.321 million yuan. The net amount of funds raised after deducting the issuance expenses is intended to be used for the following purposes:
Unit: 10000 yuan
No. project name total investment amount proposed to use raised funds
1. 200mwp rural light storage complementary parity grid connected photovoltaic 80332.82 79242.75 power generation complex project in gangnanqiaowei Town, Guigang City
2. 100mwp Yuguang complementary photovoltaic power generation project 46021.30 43864.00 in SHIZIKOU Town, Gongan County, junneng new energy
3 Hubei Changhao New Energy Technology Co., Ltd. Jianli City huangxiekou town masihu 67271.87 65989.74 fishing ground (West) 100MW fishing light complementary photovoltaic power station project
4 Hubei Kaiao photovoltaic power generation Co., Ltd. 70mW Yu 32214.60 30708.50 optical complementary photovoltaic power generation project in Tuanshansi Town, Shishou City
5. 120mW centralized fishing light complementary photovoltaic project in Dasi Town, Xiqing District, Tianjin 52451.00 51311.00
6 Yicheng District 20MW comprehensive three-dimensional development photovoltaic power generation project 8716.57 8487.11
7. Supplementary working capital 119829.00
Total 406837.16 399432.10
After the raised funds are in place, if the actual net amount of raised funds is less than the actual demand of the above projects, the company will adjust and finally determine the specific investment projects, priorities and specific investment amount of each project of the raised funds according to the priorities of the projects. The insufficient part of the raised funds will be solved by the company with its own funds; Before the raised funds are in place, the company will first invest with self raised funds according to the actual situation of the project progress. After the raised funds are in place, the self raised funds invested in the raised projects in advance will be replaced with the raised funds.
2、 Necessity of the project invested by the raised funds
(I) actively respond to the national energy development strategy
In order to comply with the global trend of reducing greenhouse gas emissions and the rapid development of renewable energy, the Chinese government attaches great importance to the clean energy industry and strongly supports the development of the clean energy industry represented by Cecep Solar Energy Co.Ltd(000591) and wind power. In September 2020, Xi Jinping General Secretary proposed at the 75th UN General Assembly that China’s carbon dioxide emissions should reach the peak by 2030 and strive to achieve carbon neutrality by 2060. This goal requires China to deepen and accelerate the revolution of energy and consumption, strengthen the development goals of clean, sustainable and renewable energy such as Cecep Solar Energy Co.Ltd(000591) power generation and wind power generation, and promote it to become the main body of energy and power system, and finally build a sustainable energy system with renewable energy as the main body in the next few decades, so as to realize China’s economy Comprehensive low-carbon transformation of society.
The funds raised this time are used for the investment and construction of new energy power station projects, which is a specific action in a positive response to the national energy development strategy, is conducive to improving the proportion and efficiency of clean energy consumption, and is conducive to the adjustment of China’s energy consumption structure.
(II) it is conducive to improving the company’s market position and competitive strength
Founded in December 2014, CDB new energy adheres to the three-level organizational structure of “taking the headquarters as the management and service platform, regional companies as the business support and the project company as the operation unit”. It has established several regional branches in provinces with high-quality lighting resources such as Shanxi, Shandong and Ningxia, as well as North and central China. As of the end of September 2021, the cumulative installed capacity is about 2.68gw. However, there is still a certain gap compared with large state-owned power generation group enterprises such as State Power Investment Corporation, China Three Gorges new energy (Group) Co., Ltd. and China Huaneng Group Co., Ltd.
After the implementation of the project invested by the raised funds, the installed capacity of the company’s new energy power station will be further increased, which will help to improve the company’s competitive position in the new energy power station operation market and enhance the company’s profitability and brand value.
3、 Feasibility of the project invested by the raised funds
(I) national policies support the development of new energy power industry
In order to comply with the global trend of reducing greenhouse gas emissions and the rapid development of renewable energy, the Chinese government attaches great importance to the clean energy industry and strongly supports the development of the clean energy industry represented by Cecep Solar Energy Co.Ltd(000591) and wind power.
In April 2020, the comprehensive Department of the National Energy Administration issued the notice on matters related to the preparation of the 14th five year plan for renewable energy development (gnztxneng [2020] No. 29), which defined the key points of the 14th five year plan for renewable energy development. Systematically evaluate the development conditions of wind power, Cecep Solar Energy Co.Ltd(000591) and other renewable energy resources; Comprehensively study and put forward the overall goal of renewable energy development in the region during the 14th Five Year Plan period and the development goals of wind power, Cecep Solar Energy Co.Ltd(000591) and other renewable energy; Give priority to the development of local decentralized and distributed renewable energy resources, vigorously promote the direct and nearby utilization of distributed renewable power, heat and gas on the user side, and increase the proportion of renewable energy in regional energy supply in combination with new technologies such as energy storage and hydrogen energy.
In April 2021, the State Council issued the 14th five year plan for national economic and social development of the people’s Republic of China and the outline of long-term objectives for 2035, propose “Build a modern energy system. Accelerate the development of non fossil energy, adhere to both centralized and distributed development, vigorously increase the scale of wind power and photovoltaic power generation, accelerate the development of distributed energy in the eastern and central parts, orderly develop offshore wind power, accelerate the construction of hydropower bases in the southwest, safely and steadily promote the construction of coastal nuclear power, and build a number of clean energy bases with complementary multi energy. Non fossil energy accounts for a large proportion of energy The proportion of total consumption will be increased to about 20%
In October 2021, the State Council issued the notice on printing and distributing the action plan for carbon peak by 2030 (GF [2021] No. 23), which defined “vigorously develop new energy. Comprehensively promote the large-scale development and high-quality development of wind power and Cecep Solar Energy Co.Ltd(000591) power generation, adhere to the combination of centralized and distributed development, and accelerate the construction of wind power and photovoltaic power generation bases.
Accelerate the innovation, upgrading and characteristic application of intelligent photovoltaic industry, innovate the “photovoltaic +” mode, and promote the diversified layout of photovoltaic power generation. We will pay equal attention to land and sea, promote the coordinated and rapid development of wind power, improve the offshore wind power industry chain, and encourage the construction of offshore wind power bases… By 2030, the total installed capacity of wind power and Cecep Solar Energy Co.Ltd(000591) power generation will reach more than 1.2 billion kilowatts. ” The above policies and objectives provide strong support for the healthy and stable development of the clean energy industry represented by photovoltaic and wind power.
(II) listed companies have good basic reserves
The company is a large-scale photovoltaic development operator in China and has a good foundation for project implementation: 1. Rich project experience
In the process of development in recent years, the company has set up several regional branches in provinces with high-quality lighting resources such as Shanxi, Shandong and Ningxia and regions in North and central China. By the end of September 2021, the cumulative installed capacity is about 2.68gw. The project includes centralized photovoltaic power station, distributed photovoltaic power station, wind farm and other power station types. The company has rich project experience.
2. Management team specialty
After years of continuous operation, Guokai new energy has established an advanced management team with reasonable structure, exquisite technology and unity and cooperation. Members of the core management team of CDB new energy have been committed to the power industry for many years and have rich experience in project investment, construction and operation. Through the professional management of the management team, the company can realize rapid, flexible and efficient operation.
3. Operation and maintenance level and efficiency
The company’s projects cover all provinces in the country, and the different regional landforms, climate and ecology have helped the company create an all-round operation and maintenance team that can adapt to various conditions and needs. In continuous practice, the company has formed a production and management philosophy with “efficient and pragmatic” style as the core. By continuously improving various systems and norms in terms of safety, maintenance and overhaul of power production management, the company’s informatization, rapid operation and maintenance level has been continuously improved, which can effectively ensure the safe operation of the power station and maximize the power generation efficiency of the power station.
4. Sound risk control system
At the overall business level, through the combination of scientific planning and business development practice, the company continues to optimize and improve the construction of internal control system, promote the continuous improvement of internal control system and internal working mechanism, ensure that there are systems for the work of each business line, and all businesses are carried out in strict accordance with rules and regulations. In terms of project investment, with the whole process investment risk management as the core, through the system construction of investment methods, standards, processes and authorities, a comprehensive risk management system with full participation of all staff is constructed, including pre investment due diligence, in investment supervision and post investment evaluation. After years of development, the company’s risk prevention and control ability has been greatly improved, at a better level in the same industry, ensuring the healthy and stable development of the company’s business.
4、 Basic information of the project invested by the raised funds
(I) 200mwp rural solar energy storage complementary parity grid connected photovoltaic power generation composite project in gangnanqiaowei Town, Guigang City
1. Project overview
The construction site of the project is located in Qiaowei Town, Gangnan District, Guigang City, Guangxi Province, with convenient transportation and Cecep Solar Energy Co.Ltd(000591) rich resources. The rated installed capacity of the project is 150MW. The planned construction period is 12 months and the operation period is 25 years.
2. Project implementation subject
The project is implemented by Guigang Nanjing Cecep Solar Energy Co.Ltd(000591) Power Generation Co., Ltd. (hereinafter referred to as “Guigang Nanjing”) controlled by the company. Guigang Nanjing is jointly established by Guokai new energy, a wholly-owned subsidiary of the company, and Jiangsu Lantian Photovoltaic Technology Co., Ltd. (hereinafter referred to as “Jiangsu Lantian”), with Guokai new energy holding 90.00% and Jiangsu Lantian holding 10.00%.
3. Project investment estimation
The total investment of the project is 803.3282 million yuan, including 793 million yuan of construction investment, 10.3282 million yuan of interest during the construction period, and 792.4275 million yuan of raised funds.
4. Project economic evaluation
After calculation, the internal rate of return (after tax) of all investment of the project after income tax is 6.41%.
5. Application for approval of project land, project initiation and filing, environmental impact assessment, etc
Serial number category file
It has obtained the report of natural resources 1 Land Bureau of Gangnan District of Guigang City on 200mwp rural light storage complementary parity grid connected photovoltaic power generation in Qiaoping Town, Gangnan District, Guigang City issued by the natural resources bureau of Gangnan District of Guigang City
Opinions on the site selection of composite projects, and the land pre-trial procedures are being handled
It has obtained the registration certificate of investment projects in Guangxi Zhuang Autonomous Region (unified project code: 2102-450000-04-01) issued by the development and Reform Commission of Guangxi Zhuang Autonomous Region-
585493）
3. Environmental impact assessment relevant procedures of the project are being handled
Note: the recorded final approved capacity of Guigang 200mwp agricultural light storage complementary project is 150MW.
(II) 100mwp Yuguang complementary photovoltaic power generation project in SHIZIKOU Town, Gongan County, junneng new energy
1. Project overview
The construction site of the project is located in SHIZIKOU Town, Gongan County, Jingzhou City, Hubei Province. The project uses the fish pond in SHIZIKOU Town, Gongan County to build a fishery light complementary integration project, which uses Cecep Solar Energy Co.Ltd(000591) to generate electricity while retaining fishery breeding production. The rated installed capacity of the project is 100MW. The planned construction period is 12 months and the operation period is 25 years.
2. Project implementation subject
The project is implemented by Gongan junneng new energy Co., Ltd., a holding subsidiary of the company. Gongan junneng new energy Co., Ltd. is a joint venture between Guokai new energy, a wholly-owned subsidiary of the company, and Hubei zhongkeneng Energy Technology Co., Ltd. the shareholding ratio of Guokai new energy is 51.00% and that of Hubei zhongkeneng Energy Technology Co., Ltd. is 49.00%.
3. Project investment estimation
The total investment of the project is 460213000 yuan, including 451540000 yuan of construction investment, 8673000 yuan of interest during the construction period and 438640000 yuan of raised funds.
4. Project economic evaluation
After calculation, the internal rate of return (after tax) of all investment of the project after income tax is 6.20%.
5. Application for approval of project land, project initiation and filing, environmental impact assessment, etc
Serial number category file
It has obtained the preliminary review opinions on handling the land use for the construction project of 100mwp Yuguang complementary photovoltaic power station 100kV booster station of wangjiadahu farm, SHIZIKOU Town, Gongan County, junneng new energy Co., Ltd. (gnzz [2021] No. 41) issued by the natural resources bureau of Gongan County
Hubei Provincial Public Security Bureau of reform and development of fixed assets
