Securities code: 002053 securities abbreviation: Yunnan Energy Investment Co.Ltd(002053) Announcement No.: 2022-005 Yunnan Energy Investment Co.Ltd(002053)
Announcement on the investment and construction of Jinzhong wind farm phase I project by huizeyun energy investment new energy development Co., Ltd., a wholly-owned subsidiary
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
1、 Overview of investment projects
On January 18, 2022, the first interim meeting of the board of directors of Yunnan Energy Investment Co.Ltd(002053) (hereinafter referred to as “the company”) in 2022 passed the proposal on the investment and construction of Jinzhong wind farm phase I project by the wholly-owned subsidiary huizeyun energy investment new energy development Co., Ltd. with 9 votes in favor, 0 against and 0 abstention. In order to actively integrate into and serve the national “double carbon” strategy, firmly grasp the strategic development opportunity of building a world-class “green energy brand” in Yunnan Province, promote the realization of the company’s strategic development goal of the 14th five year plan, and promote the expansion and strengthening of the company’s new energy business, it is agreed that the wholly-owned subsidiary huizeyun energy investment new energy development Co., Ltd. will invest in the construction of Jinzhong wind farm phase I project, The total installed capacity of the project is 350MW, and the total dynamic investment of the project is 2354.891 million yuan (including working capital of 10.5 million yuan).
The investment in this project does not constitute a connected transaction, nor does it constitute a major asset reorganization specified in the administrative measures for major asset reorganization of listed companies. This investment matter still needs to be submitted to the general meeting of shareholders of the company for deliberation and approval. The implementation of the project still needs to be approved by government departments.
2、 Basic information of project implementation subject
Huizeyun energy investment new energy development Co., Ltd. (hereinafter referred to as “Huize company”) is a wholly-owned subsidiary of the company, and its basic information is as follows:
Name: huizeyun energy investment new energy development Co., Ltd
Unified social credit Code: 91530300594576401d
Type: limited liability company (sole proprietorship of legal person invested or controlled by non natural person)
Address: booster station of Daliangzi wind farm, Dahai Township, Huize County, Qujing City, Yunnan Province
Legal representative: Zhao Mao
Registered capital: 301354100 yuan
Date of establishment: April 28, 2012
Business term: from April 28, 2012 to April 28, 2062
Business scope: development, construction and operation (preparation) of wind power generation, technical consultation, training, service and research and development of wind power generation, provision of engineering supporting services (project preparation), and sales of wind power products. (for projects subject to approval according to law, business activities can be carried out only after approval by relevant departments)
The main financial indicators of Huize company are as follows:
Unit: 10000 yuan
Subject December 31, 2021 / year 2021 December 31, 2020 / year 2020
Total assets 87828.35 93615.30
Total liabilities 38883.54 46657.95
Net assets 48944.81 46957.35
Operating income 12381.50 13577.80
Net profit 6468.25 5052.97
Note: the above financial data of 2020 has been audited, and the financial data of 2021 has not been audited.
3、 Basic information of investment object
(I) basic information of the project
Jinzhong wind farm is located in Huize County, Qujing City, Yunnan Province. It is one of the 31 wind power base projects listed in the planning for the appropriate development and utilization of new energy in appropriate areas of Yunnan Province. The planned installed capacity is 470MW. It is planned to be developed in three areas, of which the old plant area is located on the ridge to the north of Laochang Township and Nagu Town, Huize County; Jinzhong Area is located on the ridge near Jinzhong town and Wuxing Township, Huize County; Dahai area is located on the West and South Ridge of Dahai Township, Huize County.
According to the notice of Yunnan Energy Bureau of Yunnan development and Reform Commission on printing and distributing the construction scheme and implementation plan of Yunnan Province’s planned base for appropriate development and utilization of new energy in appropriate areas (yfggy [2021] No. 399), Jinzhong wind farm is developed in two phases, 350MW in phase I and 120mW in phase II. Jinzhong wind farm is bounded by the county, with Jinzhong wind farm phase I project in the north and Jinzhong wind farm phase II project in the south. The survey and design will be carried out after the layout is optimized.
According to the construction conditions of Jinzhong wind farm phase I project, the construction scale of the wind farm is 350MW and the annual equivalent full load hours are 2522h. The total construction period of the project is 19 months.
Generally speaking, the wind energy resource conditions of Jinzhong wind farm phase I project are good, the topographical and geological conditions of the site meet the construction requirements of the wind farm, and the overall construction conditions of the project are good. The project construction meets the requirements of national policies and social development, the technical scheme is reasonable, the financial evaluation is feasible, and has obvious environmental and social benefits.
(II) preliminary work
1. Preparation and review of project feasibility study report
In August 2021, the draft of feasibility study report for phase I project of Jinzhong wind farm will be completed.
In October 2021, the feasibility study report of phase I project of Qujing Jinzhong wind farm passed the expert review, and the Design Institute issued the approved draft of the feasibility study report according to the review opinions.
2. Project approval
In August 2021, the filing of social stability risk assessment was completed.
In August 2021, the land pre-trial Reply of the Provincial Department of natural resources was obtained.
In December 2021, the reply of Yunnan development and Reform Commission on the approval of phase I project of Jinzhong wind farm in Huize County (yfgyy [2021] No. 1052) was obtained. For details, the company published in the securities times, China Securities News and cninfo.com on December 7, 2021（ http://www.cn.info.com.cn. ）Announcement on the approval of Jinzhong wind farm phase I project by Yunnan development and Reform Commission (Announcement No.: 2021-109).
3. Relevant approval before project commencement
The review and special approval of environmental assessment, geological disaster, water and soil conservation, mine pressure, forest land and other special approvals are being carried out.
In terms of transmission lines, the grid connection opinions and access system design opinions issued by Yunnan power grid company have been obtained. At present, it is actively cooperating with the local power supply bureau to carry out external coordination of the grid connection project. After the grid connection project approval and relevant supporting documents are completed, it will sign the project grid connection project construction agreement with the power supply bureau. (III) investment estimation and benefit analysis
According to the feasibility study report of the project, the total static investment of the project is 2296.1055 million yuan, and the total dynamic investment is 2354.891 million yuan (including 10.5 million yuan of working capital). The financial indicators of the project are calculated according to the comprehensive electricity price of 0.2870 yuan / kW h. The financial internal rate of return of the project investment is 6.73% (before tax), the payback period of the project investment (before income tax) is 13.06 years, and the financial internal rate of return of capital is 8.51%, 8% higher than the industry benchmark rate of return, indicating that the project has certain profitability.
After the completion of the project, the annual on grid power will be about 882.68 million KW h, which can reduce the waste gas emission caused by coal combustion and have obvious environmental benefits. The project construction also has good social benefits and will play a positive role in promoting the development of wind power in Yunnan.
(IV) source of funds
The capital of the project is calculated as 20% of the total investment, and the rest is raised by debt financing. The registered capital will be gradually injected according to the progress of the project.
4、 Purpose and significance of project construction and its impact on the company
(I) integrate into Yunnan Province to create a “green energy brand” and promote the implementation of the dual carbon goal of our province
Under the background of carbon peak and carbon neutralization, Yunnan Province will focus on building a world-class green energy brand during the 14th Five Year Plan period, and Yunnan Province will usher in the opportunity of rapid development of new energy. The company adheres to the strategy of serving the “green energy brand” of Yunnan Province, seizes the historic opportunity window for the great development of green energy power production, quickly realizes, expands and strengthens its main business, and constructs the company’s core competitiveness.
Jinzhong wind farm project uses wind energy for power generation, which not only promotes the local economic development, but also minimizes the damage to the original ecological environment and residential environment. After completion, it can reduce the resources required for the emission and treatment of waste gas and waste residue generated by coal combustion, so as to help achieve the double carbon goal of Yunnan Province.
(II) conform to the company’s main business direction and development orientation, and help the company strengthen and optimize the new energy sector
The company always focuses on the dual main business of “clean energy + salt”. The implementation of the project can help the company further move towards the goal of “competitive new energy comprehensive operator in the region”. At the same time, the development, construction and operation of the project will help the company build an integrated benchmark demonstration project of China’s high-altitude wind power base and lay a good foundation for new installation in the future. The operation of the project will increase the company’s installed capacity by 350000 kW, train a group of technicians and managers for the development, construction, operation and maintenance of new energy projects, train a group of business backbone, enhance the company’s ability of investment, construction, operation and maintenance of new energy projects, and help to strengthen and optimize the new energy board.
(III) promoting load balance and economic development in Qujing City and Huize County
As one of the load centers in Yunnan Province, Qujing City is relatively short of power supply. After considering the existing and under construction power supply, there is a large power shortage in the power grids in all areas of Qujing City. The operation of Jinzhong wind farm phase I project can make up for the power gap in Qujing City, effectively alleviate the structural contradiction between power supply and demand in Qujing area and ensure the safety of energy supply.
In addition, during the project construction, the demand for local building materials, small machinery and daily necessities will increase, which is conducive to increasing the income of local migrant workers and local financial revenue, and driving the development of local regional economy. During the construction of the project, we will actively implement the Rural Revitalization and poverty alleviation strategy required by the provincial Party committee and the provincial government, improve the living standards of local residents, and consolidate and develop the poverty alleviation achievements of Qujing City and Huize County.
5、 Main risk analysis of project investment
(I) risk absorption in power market
According to the notice on Issuing the monitoring and early warning results of wind power investment in 2020 and the environmental monitoring and evaluation results of photovoltaic power generation market in 2019 (Guo Neng FA Xin Neng [2020] No. 24) issued by the national energy administration, the areas in Yunnan Province where the monitoring and early warning results of wind power investment in 2020 are green and the monitoring and evaluation results are green, The project construction can be orderly promoted on the basis of implementing the network connection and consumption conditions. Although there is no power restriction for the existing wind power projects in Yunnan Province, with the centralized grid connection of Jinzhong wind farm phase I project and other “8 + 3” projects, there may be the risk that the power cannot be absorbed or even the wind will be abandoned.
For this incremental new energy project, after the approval of the access system, Yunnan Power Grid Corporation and the project owner signed a project grid connection and delivery project construction agreement to agree on the synchronous production time. Yunnan Power Grid Corporation is responsible for investing in the grid connection and delivery project of new energy projects, and the approval and construction time of grid connection and delivery project are uncontrollable.
After the phase I project of Jinzhong wind farm is put into operation, the consumption risk of the power market may occur due to the lagging construction of the transmission system, the obstacles of the transmission basic conditions, and the inability of the power market to absorb.
Countermeasures: Huize County is located in the northeast of Yunnan Province. During the “14th five year plan” period, considering that Weixin and Zhenxiong power plants are half started in the peak period, open at the end of the dry period, and Xiluodu is retained in the dry period, the power shortage of Zhaotong power grid in the peak period will be 3030mw and the power surplus in the dry period will be 530mw by 2025. With the large-scale production of green aluminum and green silicon loads in Qujing and Zhaotong, Northeast Yunnan (Zhaotong) has gradually changed from the current power supply terminal to the receiving terminal in peak season and the sending terminal in dry season. The problems of large machine and small network and insufficient power supply capacity have become increasingly prominent; At the same time, the installed capacity of hydropower and thermal power in the dry season in the main stream of Northeast Yunnan is one of the important power sources to meet the power consumption in the dry season in Yunnan. According to the load forecast and power supply planning of Qujing City, it is estimated that the maximum power supply load of Qujing City will require an installed capacity of about 11.67 million kW in 2025, and the installed power supply capacity of Qujing City will be 4.1506 million KW by the end of 2025. As one of the load centers in Yunnan Province, Qujing City is relatively short of power supply. After considering the existing and under construction power supply, there is a large amount of power shortage in the power grids in all areas of Qujing City, of which the maximum power shortage in the northern area in 2025 is 1.12 million KW, the maximum power shortage in the central area in 2025 is 5.16 million KW, and the maximum power shortage in the southern area is about 610000 kW. Under the condition of full caliber (including 500kV connected to thermal power), the utilization hours of thermal power are considered as 3500 hours. From 2021 to 2025, the power gap in Qujing City will be between 1.9 billion kWh and 10 billion kwh. The commissioning of phase I project of Jinzhong wind farm can make up for the power gap in Qujing City, effectively alleviate the structural contradiction between power supply and demand in Qujing area and ensure the safety of energy supply.
According to the notice on printing and distributing the planning and supporting documents for the appropriate development and utilization of new energy in appropriate areas in Yunnan Province (yunnengyuanshui [2020] No. 153) issued by Yunnan development and Reform Commission and Yunnan Energy Bureau, Yunnan Power Grid Corporation and its subordinate power supply enterprises are responsible for the construction planning of supporting transmission projects, synchronous construction and ensuring the timely and smooth grid connection of new energy projects, Accelerate the construction of an efficient and flexible smart grid. Huize company will strengthen the connection with the power grid company and the power supply bureau, submit relevant materials in advance, and assist in handling the land use procedures of the transmission line to ensure that the transmission line is completed and put into operation on time.
(II) project quality risk
Due to the large scale and tight construction period of the project,
