Securities code: 002053 securities abbreviation: Yunnan Energy Investment Co.Ltd(002053) Announcement No.: 2022-006 Yunnan Energy Investment Co.Ltd(002053)
Announcement on the investment and construction of Yongning wind farm project by Honghe Yunneng 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 extraordinary meeting of the board of directors of Yunnan Energy Investment Co.Ltd(002053) (hereinafter referred to as “the company”) in 2022 adopted the proposal on the investment and construction of Yongning wind farm project by the wholly-owned subsidiary Honghe Yunneng investment new energy development Co., Ltd. with 9 affirmative votes, 0 negative votes and 0 abstention votes. 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 hongheyun energy investment new energy development Co., Ltd. will invest in the construction of Yongning wind farm project, The installed capacity of the project is 750mW, and the total dynamic investment of the project is 4729.5684 million yuan (including working capital of 22.5 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 and relevant approvals.
2、 Basic information of project implementation subject
Honghe Yunneng investment new energy development Co., Ltd. (hereinafter referred to as “Honghe company”) is a wholly-owned subsidiary of the company incorporated in October 2021. As the main body of the construction, development and operation of Yongning wind farm project, its basic information is as follows:
Name: Honghe Yunneng investment new energy development Co., Ltd
Unified social credit Code: 91532527ma7bnpjf7y
Type: limited liability company (sole proprietorship of legal person invested or controlled by non natural person)
Legal representative: Zhao Mao
Registered capital: one billion yuan only
Date of establishment: October 11, 2021
Business term: October 11, 2021 to long term
Address: D-10, Jinxiu Park, Zhongzhu Town, Luxi County, Honghe Hani and Yi Autonomous Prefecture, Yunnan Province
Business scope: licensed projects: power generation business, power transmission business, power supply (distribution) business (for projects subject to approval according to law, business activities can be carried out only with the approval of relevant departments, and the specific business projects shall be subject to the approval documents or licenses of relevant departments) general projects: wind power generation technical services; Cecep Solar Energy Co.Ltd(000591) power generation technical services; Technical services, technical development, technical consultation, technical exchange, technology transfer and technology promotion; Research and development of wind farm related systems; Project management services (except for projects subject to approval according to law, carry out business activities independently according to law with business license).
As of December 31, 2021, Honghe company has total assets of 20.6727 million yuan and net assets of 20 million yuan; At present, it has not been officially put into operation. (the above data has not been audited).
3、 Basic information of investment object
(I) basic information of the project
Yongning wind farm project is located in the middle and south of Luxi County, Honghe Prefecture, Yunnan Province and the east of Maitreya city. The site area is mainly composed of two main ridges and branches in an approximate north-south direction. The terrain of the ridge is generally continuous, with an altitude of 1850m ~ 2450m.
According to the topographic characteristics of the site, the fans are arranged in a single row along the ridge, with a total installed capacity of 750mW. The designed annual on grid power of the wind farm is 1861.99 million KW · h, the annual equivalent full load hours is 2483h, the capacity coefficient is 0.283, and the total construction period is 18 months.
Generally speaking, the wind energy resource conditions of Yongning wind farm 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 September 2021, the draft of the project feasibility study report for review will be completed.
In October 2021, the feasibility study report of Honghe Yongning wind farm project 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 and pre work
In March 2021, the filing of social stability risk assessment was completed.
In November 2021, the land pre-trial Reply of the Provincial Department of natural resources was obtained.
In December 2021, the project approval application shall be submitted to the provincial development and Reform Commission.
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. The transmission line scheme has been basically determined, and the grid connection application has been submitted according to the requirements of the provincial grid company.
(III) investment estimation and benefit analysis
According to the feasibility study report of the project, the total static investment of the project is 4566292900 yuan and the total dynamic investment is 4729568400 yuan (including 22.5 million yuan of working capital). The financial indicators of the project are calculated according to the comprehensive electricity price of 0.2902 yuan / kW · h. The financial internal rate of return of the project investment is 7.01% (before income tax) and the payback period of the project investment (before income tax) is 12.03 years, The financial internal rate of return of capital is 8.14%, higher than the industry benchmark rate of return of 8%, and the financial evaluation is feasible.
The installed capacity of the project is 750mW, and the designed annual on grid power is 1861.99 million KW · h. After the project is completed and put into operation, the waste gas emission caused by coal combustion can be reduced. The construction of the wind farm not only has good economic and environmental benefits, but also has good social benefits, which will actively promote and promote the adjustment of power supply structure in Honghe Prefecture and 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.
Yongning wind farm uses wind energy for power generation, which not only promotes local economic development, but also minimizes the damage to the original ecological environment and residential environment.
Yongning wind farm project has an installed capacity of 750000 kW and an annual on grid power of about 1862 million kwh. 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 integrated operator in the region”. At the same time, the development, construction and operation of Yongning project is conducive to the company to 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 installed capacity of energy investment shares by 750000 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 sector.
(III) promoting load balance and economic development in Honghe Prefecture
Honghe Prefecture is one of the load centers in Yunnan Province, and the power supply is relatively scarce. After considering the existing and under construction power supply, there is still a large shortage of Honghe Power from 2020 to 2025. The operation of Yongning wind farm can make up for the power gap in Honghe Prefecture, effectively alleviate the structural contradiction between power supply and demand in Honghe region and ensure the security 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, the Rural Revitalization and poverty alleviation strategy required by the provincial Party committee and the provincial government will be actively implemented, the living standards of local residents will be improved, and the poverty alleviation achievements of Honghe Prefecture, Luxi County and Maitreya county will be consolidated and developed.
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 Yongning wind farm and other 8 + 3 projects, there may be the risk that the power cannot be consumed 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 Yongning wind farm is put into operation, the consumption risk of power market may occur due to the lagging construction of transmission system, the obstacles of transmission basic conditions, and the inability of power market to absorb.
Countermeasures: as one of the load centers in Yunnan Province, Honghe Prefecture is relatively short of power supply. After considering the existing and under construction power supply, there is still a large shortage of power in Honghe Prefecture from 2020 to 2025. The shortage will be 9.7 billion kwh by 2024. In 2025, the thermal power units in southern Yunnan will be put into operation, and the shortage will be reduced to 6.6 billion kwh by 2025. The power supply scope of Yongning wind farm is proposed to be Guishan area. It is expected that during the “14th five year plan” period, the power in Guishan area will be in short supply, and the maximum shortage will be 812mw in 2025. If considering the new 1530mw load in Luxi Industrial Park in the future, the offline load in Guishan area is expected to be between 2150 ~ 2340mw, and the gap will further increase. The operation of Yongning wind farm can make up for the power gap in Honghe Prefecture, especially in Guishan area, effectively alleviate the structural contradiction between power supply and demand in Honghe Prefecture and ensure the security 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. Honghe 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, it is difficult to manage. In the construction process, if there are large-scale design changes, design defects, and the connection between design and construction is not close enough, the project construction operation may be blocked and the investment cost may be increased. In case of design defects and poor construction management, the most direct risk is the delay of construction period and the difficulty of ensuring the project quality.
Countermeasures: according to the principles of optimizing resource utilization, rationalizing cost control and maximizing investment income, the bidding plan is formulated around the construction scheme of “two high and one low”, high quality, high speed and low cost, and special terms are formulated for risk points. For non quantifiable risks in the construction process, first of all, strengthen the organization and management during the construction period to ensure that personnel, materials and funds are in place in time; The second is to ensure the compliance and scientificity of the technical scheme, and carry out design and technical optimization according to relevant national specifications; Third, optimize the technical disclosure and construction organization design, strengthen the management function of the owner and the supervision function of the supervisor, and carry out the stage acceptance of concealed works and key works in strict accordance with the specifications to ensure that the key works and key works meet the quality requirements; Fourth, for generator sets and other important equipment, give priority to the more mature models in the current market, and do a good job in the arrival acceptance of equipment mobilization.
(III) safety risks during construction and operation
The procedures that may cause safety accidents during the construction of the wind farm include: high-altitude hoisting operation, transportation operation, power operation, construction blasting operation, etc.
The risk factors existing in the operation period of the wind farm mainly include: flammable and explosive materials, electric shock, falling of high-altitude objects, mechanical and vehicle injury, lightning, low-temperature icing, collapse of wind turbine tower, blade breakage, corrosion and pollution, electromagnetic radiation hazards, dust, noise and other unsafe factors during maintenance.
Countermeasures: strengthen safety prevention and control measures during construction to ensure that on-site construction equipment and facilities meet the technical specifications and safety protection requirements, especially the investigation and protection of high-risk sources; Do a good job in the disclosure of construction technology and safety measures, and the construction process must comply with the corresponding technical specifications for safe operation; Supervise the construction unit to strictly implement special operations and work with certificates, and the tower crane and other special equipment must be accepted before they can be put into use; Carry out on-site labor safety protection according to the specifications, and allocate necessary on-site safety officers.
After the project is put into operation, carry out daily operation and management according to the specifications and procedures, formulate perfect operation and maintenance manuals, carry out induction training for production personnel in advance, do a good job in safety education for operation and maintenance personnel according to the regulations, strictly implement the employment with certificates, and ensure the institutionalization, standardization and standardization of safety production, so as to ensure the normal operation of the wind farm and the personal safety of employees.
(IV) risk of land and forest land acquisition and lease
The permanent land of the project includes: wind turbine unit foundation
