Exploring why China's wind power companies encounter financing difficulties
For China's wind power industry, one is not particularly good news in front. According to recently introduced by Zhu Boyu, an analyst of Bloomberg New Energy Finance, since the fourth quarter of 2012, the amount of new investment in the wind power industry has dropped significantly. This indicates that starting from 2014, wind power installed capacity will hardly rebound sharply. In 2012, the wind power industry surpassed nuclear power for the first time and became China’s third largest energy source after thermal power and hydropower. However, with the influence of policies and the global market, China's wind power industry has experienced a period of rapid development in previous years, and it has entered the adjustment period in the past two years. The problems in industrial development have gradually emerged. One of these is the growing pressure on the industry chain for funding. What is the difficulty of investment and financing in the wind power industry? From the reporter’s recent contact and understanding at the Beijing International Wind Power Conference, it may be possible to see one or two. In the minds of ordinary people, central enterprises often “not badâ€, have many advantages in market financing, and have little problem with project loans. For example, although Datang Group New Energy Co., Ltd. has started to decline in development speed and investment scale from last year, the deputy general manager of the company, Hu Guodong, said that this situation was mainly due to power restrictions in the northern region, which caused investment projects to fail to achieve Expected revenue, not financing. There are also some leading enterprises in the industry. Due to their special status, they are vulnerable to the strong support of state-owned banks and financial institutions. Take Jinfeng Science and Technology as an example. From 2011 to 2012, the state's monetary assets have been tightened. However, Goldwind Technology has obtained the support of China Development Bank and other financial institutions, which has promoted the development of its domestic wind power business. Fortunately, there are always a few. Most wind power companies, especially private ones, have large financing pressure and their days are not easy. Han Kerui, who is responsible for sales and financing in Asia, said that many Chinese private companies want to buy GE's wind power technology, but state-owned banks are afraid to lend money to them. “Since 2011, it has become difficult to help small private company clients. If we donate money, it will not be more than 20%.†Financial institutions also have their own reasons and interests to consider. At present, domestic financial institutions mainly do some corporate financing. In a situation where the financial market environment is not very optimistic, financial institutions themselves face financial pressure, which makes private companies feel more pressure on financing. In recent years, some problems in the wind power industry in China have become increasingly prominent. For example, the curtailment of wind curtailment and the risk of safe production cannot be ignored. This has also led some financial institutions to raise their standards for investment in wind power or become cautious. IFC is a company that specializes in financial lending under the World Bank. According to Dana Younger, an international consultant for the company, it provided funds for a wind power company in Gansu for a large-scale wind power project in China. The project has now begun operations. However, the project has not yet reached the expected scenario due to wind-blown, subsidies and delays. At the same time, compared with the overall development of the wind power industry, the corresponding development of insurance business in China has obviously not kept pace. State Grid Corporation of China, a subsidiary of State Grid Corporation of China, and Property Insurance Co., Ltd. are very concerned about the insurance and supporting services in the power and energy sectors. The power business undertaken by them is the largest in the country. However, there are no corresponding products in the wind power industry. According to Chen Xin, chief executive officer of the company's heavy customer service, the insurance premium rate is so low that many insurance companies are not very interested in wind power, which also causes the insurance to be inconsistent and unmatched with wind power development. Chen Xin said that domestic insurance companies do not have a thorough understanding of the technology and risks of wind power, and there are also more accident rates for wind turbines. “As far as we know, there were more than 30 blow-down incidents in 2011. According to this calculation, the wind power premiums collected in China are far from being able to compensate for these losses, not including the daily minor losses.†“Comparing to the more developed wind power market in foreign countries, the object of financing is not the company but the project. The main difference between the two is that project financing can fully reflect the stability of the project's future cash flow, that is, the matching of risks and benefits. I think , To provide a transparent market information environment and improve communication efficiency may be the best way to achieve more efficient financing or timely financing,†said Zhu Yuyu, an analyst at Bloomberg New Energy Finance.
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