Power plant development ushered in investment opportunities distributed will still be the focus

In 2015, it is anticipated that photovoltaic power generation will reach an installed capacity of 35GW, with 19GW coming from distributed systems and 16GW from large-scale ground stations. This highlights the continued focus on distributed power, making it a prime opportunity for private enterprises to invest in local power generation projects. Meng Xianyi, vice chairman of the China Renewable Energy Society, emphasized this during a recent photovoltaic conference, discussing the details of solar power price subsidies. According to Meng, the target set under the "12th Five-Year Plan" is 35GW of photovoltaic capacity, but no official breakdown has been released yet. Currently, large ground-based projects are mainly driven by state-owned enterprises, while distributed systems offer more potential for private sector involvement. He believes now is the best time for private companies to get involved, as subsidies are expected to decline over the next few years, with tariff subsidies potentially being phased out by 2017 or 2018. Meng also pointed out that distributed photovoltaics may achieve grid parity by 2015, while ground-based projects could see subsidy reductions around 2020. Despite this, he noted that current feed-in tariffs are guaranteed for 20 years, offering a high return on investment at present. “This window won’t last long, and the opportunity isn’t going to be endless,” he said. He estimated that the financial support for renewable energy during the 12th Five-Year Plan period could amount to tens of billions to hundreds of billions of yuan. While domestic PV module production is oversupplied and many companies are struggling financially, the power generation sector is receiving strong government backing. This makes photovoltaic power projects highly attractive due to their stable income and good returns. Changsha Xiaolin, director of Johnson & Johnson Optoelectronics, expressed optimism about the future of domestic photovoltaic power plants. His company has already completed a 51MW project and plans to build a 100MW rooftop system by mid-2014, targeting several state-level development zones. Some agreements with building owners have already been signed. The company aims to go public and expand to 350MW of distributed capacity within two years, generating 500 million kWh annually and achieving a return on investment exceeding 15%. Meng also mentioned that banks have historically been hesitant to fund photovoltaic projects due to uncertainty around subsidies and grid access. However, these issues are expected to be resolved soon. Qian Jing, global brand director at Jingjing Energy, highlighted that only a few Chinese banks offer long-term loans of 10 years or more, while most provide loans with a maximum term of five years—far shorter than the 25-year lifespan of a solar plant. She urged banks to extend loan terms for renewable energy projects. Additionally, she noted that financing costs for domestic companies remain high, with disparities between state-owned and private enterprises. The government could help by offering special interest rates for photovoltaic projects, reducing the cost of capital. She also suggested that banks consider the revenue stream from the power station or its assets as collateral, allowing private companies to secure loans with just 20%-30% of their own capital. In the future, the revenue from a solar plant could be treated like a regular income, benefiting both investors and lenders.

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