Under the background of “double carbon”, green leasing has become the key direction of financial leasing industry. As a national leasing innovation demonstration area, Tianjin has always been a wind vane for the innovation and development of the financial leasing industry. Recently, Tianjin Finance Bureau announced a number of typical cases of financial leasing supporting the development of green industry. What are the characteristics of these cases? What are the innovations? What is the development trend? The reporter analyzed this.
clean energy power generation project is a key investment field
In terms of support areas, among the green leasing cases released this time, the support areas include new energy power generation, hydrogen fuel vehicles, environmental monitoring, chemical energy storage, environmental protection equipment leasing, green mining equipment, etc., of which new energy power generation projects are the key investment areas, and about half of the 16 cases are distributed photovoltaic, wind power and other new energy power generation projects.
For example, CITIC Leasing Co., Ltd. cooperated with three energy technology companies to successfully implement the 120 million yuan roof distributed photovoltaic sale and leaseback project in the industrial park. The total installed capacity of this batch of power stations is 34 MW, providing economically competitive green power for enterprises in the park.
Yu Xiudong, President of CITIC Capital leasing, introduced that in order to support the development of clean energy, CITIC Capital leasing set up a “green leasing working group” in 2021 to increase industry research and innovation exploration, focus on the transformation of household distributed and industrial and commercial roof distributed photovoltaic, and promote business model innovation and financial technology empowerment. At the same time, it signed strategic cooperation agreements with a number of leading clean energy enterprises, joined the photovoltaic green ecological cooperation organization, and jointly initiated the establishment of the “green lease development community” to form a joint force to support the development of green lease. At present, CITIC leasing has more than 180 photovoltaic power plants and wind power plants, with a total installed capacity of 7.6gw.
Decentralized wind power projects are favored by leasing companies. The 8.9 MW decentralized wind power project invested and constructed by a private enterprise in Heilongjiang Province is in urgent need of funds to purchase wind turbines. Tianjin Guoyin Xinyuan International Leasing Co., Ltd. gives full play to the flexible and professional characteristics of the financial leasing mode, breaks the previous mode of lending only after the project is connected to the grid, and provides construction funds to the investor immediately after the arrival of the fan, so as to ensure the smooth construction and connection of the project.
With the continuous warming of hydrogen energy industry, hydrogen fuel vehicle project has also attracted attention. In order to support the implementation of hydrogen fuel vehicle project, Tianjin Meijin Hengrui Leasing Co., Ltd. provided about 20 million yuan for 14 hydrogen fuel cell semi-trailer tractors and fuel cell dump trucks through after-sales leaseback, helping enterprises solve the financial pressure of purchasing hydrogen energy vehicles.
financing channels for green lease projects have been significantly broadened
Under the background of financial support for “double carbon”, the financing channels of green lease projects have been significantly widened. Among the cases released this time, ESG green loans, sustainable development linked bonds issued by the country’s first leasing enterprise and other projects have become highlights.
Recently, the 370 million yuan ESG (environmental, social and corporate governance) green loan between CITIC Capital leasing and DBS Bank landed. The loan funds will be mainly used to carry out carbon emission reduction projects in the field of clean energy, energy conservation and environmental protection, including hydropower projects, distributed photovoltaic projects and waste heat power generation projects. The total installed capacity of renewable energy in the project exceeds 340 MW, the annual clean power generation capacity can reach 1.5 million MW / h, and the annual carbon emission reduction can be 1.17 million tons.
In addition to the loan, DBS Bank (China) Co., Ltd. signed a contract with Datang leasing to complete the supply chain financing project, and the funds will be used for Datang leasing to carry out financing leasing services for renewable energy projects. “The project not only broadens the company’s financing channels, increases the investment of new energy projects with low-cost funds and improves the scale of green assets, but also a concrete embodiment of China financial leasing company guiding foreign financial institutions to support the construction of Shanxi Guoxin Energy Corporation Limited(600617) projects.” Datang leasing finance business manager Lin Suwei said.
In addition, green leasing projects are also popular in the bond market. The “21 State Grid leasing mtn002 (Sustainable linked)” bond issued by State Grid leasing is the first sustainable development linked bond issued by a leasing enterprise in China, with a raised amount of 500 million yuan and a term of 2 + 1 years. The bond is linked to the issuer’s key performance index of “the cumulative investment amount of financial leasing in the field of clean energy shall not be less than 20 billion yuan within two years”, with a coupon rate of 3.19%, 22 basis points lower than the medium and long-term bond issuance rate in the market in the same period, and low-cost funds can effectively reduce the financing cost of relevant green and low-carbon projects.
business innovation promotes the smooth implementation of the project
In the case released this time, a number of financial leasing enterprises broke the traditional model and promoted the implementation of the project through a variety of business innovation.
Taking decentralized wind power as an example, compared with centralized wind power, decentralized wind power is more conducive to alleviate the problem of new energy consumption. However, decentralized wind power faces some problems, such as low credit level of investors, small monomer scale, relatively complicated development approval procedures, high procurement and operation and maintenance management costs, and great difficulty in post lease management and asset evaluation, Project investors generally face the core problems of poor financing channels, financing difficulties and high financing costs.
In order to solve the above problems, the decentralized wind power “three links” mode innovated by Huaneng Tiancheng Financial Leasing Co., Ltd. was successfully implemented in May 2021. That is, the wind resources under the jurisdiction of the same administrative region (“village to village connection”), the group enterprise (“factory to factory connection”), and the road network region (“road to road connection”) will be integrated in all stages of the whole life cycle of the power station, such as project development, construction, grid connection, operation and maintenance, transaction, through professional project due diligence, batch project review, and the means of “three rights mortgage and pledge” Based on the measures of batch delivery, intensive procurement and operation and maintenance management of the construction progress, effectively control the project risk, and build a differentiated competitive advantage with traditional financial institutions such as banks in terms of financing term, amount, interest rate, repayment and efficiency.
Through the “three links mode”, Tiancheng leasing provides financial leasing support for a decentralized wind power project with a quota accounting for nearly 80% of the total investment and a term of up to 14 years. Compared with coal-fired power plants with the same grid power scale, the project can save 21491 tons of standard coal per year, which is equivalent to reducing 66000 tons of carbon dioxide emissions per year. By the end of 2021, the project has completed the grid connected power generation of 9 typhoon generators.
The attempt of “EPC + financial leasing” mode confirms the flexibility of the combination of financial leasing and environmental protection entity industry. Through the “EPC + financial leasing” mode, aiming at the investment needs of EPC projects undertaken by cooperative enterprises, China Coal Science and Industry Financial Leasing Co., Ltd. takes environmental protection equipment as the subject matter, introduces funds to alleviate the project financing pressure, solve the advance pressure of enterprises, help the owner alleviate the short-term capital pressure and realize tripartite win-win.
By the end of 2021, there were 1500 corporate leasing companies with headquarters in Tianjin, with total assets of more than 2 trillion yuan. The relevant person in charge of Tianjin Finance Bureau said that it will further rely on the advantages of leasing agglomeration, continuously optimize the supporting policies and management mode, support leasing companies to continuously innovate products and services in the fields of low-carbon economy, ecological economy and circular economy, and promote the green and high-quality development of the leasing industry and service industry.
