Abstract : The development of photovoltaic power plants is faced with difficult financial problems. Whether it is a ground power station or a distributed photovoltaic power station, the paper explains some reasons. At the same time, combined with the development trend of photovoltaic power generation industry, the countermeasures for solving financial problems are proposed.

1 Introduction

Under the increasingly severe environmental pressure, photovoltaic power generation as a powerful measure to improve the living environment has been enthusiastic and pursued by people both inside and outside the industry. In August 2013, the Chinese government put forward comprehensive policies to promote the development of the photovoltaic industry with unprecedented intensity, making this industry even more a focus of various capitals.

When formulating the installed capacity of photovoltaic power generation in 2014, the leaders and experts of the Energy Bureau took great pains to formulate the goals of installing 6GW of ground power and 8GW of distributed power, taking into full account the power consumption. From the situation in the first half of the year, this goal has created an embarrassing situation in which the super-heated ground-mounted machines and severely-cooled distributed installations have become cold.

Although the government has advocated various relevant agencies and companies for their strong support for the photovoltaic industry, after nearly 10 years of industrial turmoil, relevant institutions have become increasingly sophisticated in thinking and risk awareness of the photovoltaic industry. The cold-shouldered side of the financial industry has become the biggest obstacle for many industry experts to blame the difficulty of completing the PV installation target.

The author is not a person in the financial community, but it is because some industry insiders attribute the stagnation of current distributed generation to the financial community. I personally think that when the photovoltaic industry calls for financial support through various channels, it should reflect on why the financial industry is so hesitant and waits and sees about the photovoltaic industry, which has a promising future and can benefit people.

For the photovoltaic power generation industry, whether it is a ground power station or a distributed power station, the main reasons for the hesitation of the financial industry are as follows:

2 Uncertainty of ground station revenue is an unpredictable high risk factor for photovoltaic finance

2.1 Power grid limiting is the main factor that makes it difficult to determine the income of terrestrial power stations

The current financial model of the ground power station is very good, but there are deadly loopholes. I believe that the general ground power station in the northwest is better than the traditional power generation industry in terms of financial forecasting. Unfortunately, none of these financial models have calculated the power cut losses during the operation of the power plant. If we can obtain a 15% return on capital yield based on investment forecasts, structural power curtailment and fault power curtailment in the provinces of northwestern China will only need to be redone as long as they reach 10% each year. The most terrible thing is that, unlike traditional power points, the value of photovoltaic power plants is gradually devalued each year as technology continues to innovate. In other words, the traditional power point with the same installed capacity can retain value or even increase in value after 5 years. However, after 5 years, due to technological development, photovoltaic power plants have retained the same value as the toll collection rights and electricity prices. The equipment for the power station itself is basically a phase-out device, and there is no possibility of complete liquidation.

2.2 Land use tax and delay of subsidy are secondary factors for the reduction of power station income

Although in accordance with national requirements for improving land support policies and construction management, if photovoltaic power generation projects use unused land, land allocation procedures may be adopted after the approval procedures for land use are handled according to law. However, this request fails to specify whether land allocation needs to pay urban land use tax. Some governments, when the source of tax is strained, collect land-use tax according to industrial and mining land in cities and towns, even if the photovoltaic land-occupying projects are built on uninhabited deserts.

At present, the subsidy is delayed for at least half a year, making it difficult for companies to repay loans to banks on a monthly basis.

3 The survival risk of distributed power plants is an important reason for PV finance

As far as financial support is concerned, although there are obvious loopholes in the ground power station, relatively speaking, under the premise of credit guarantee, the financial community has a relatively high degree of acceptance. For distributed photovoltaic power plants, their inherent survival risks have led to financial support.

The benefits of distributed PV power plants are difficult to be recognized by the capital community. The fundamental reason is that there are unsolvable asset loopholes in the design of the system. That is, the existence of power plants is facing enormous risks. Its main performance is as follows:

3.1 Transformation

Because the development of enterprises is often in an unstable state. Photovoltaic power plants attached to the roof of a company can hardly guarantee its complete existence. From the perspective of the installation of rooftop power stations, the probability of concrete roofs is relatively low, and the probability of reforming of profiled steel plates is very high due to the limitations of their design standards. Even if the roof owners agree to re-install the power station after the renovation, it is a potential risk for the power station to fully guarantee the original design construction in addition to the one-month loss of power.

3.2 Demolition

The same reason as the roof reconstruction of the factory, because the photovoltaic power station is not the main business of the roof owner, in the course of obeying the development of the enterprise, the roof owner will plan the plant layout of the factory according to their own development requirements, and thus the possibility of dismantling the plant building will occur. If the roof owners insist on dismantling the plant, the owner of the photovoltaic power plant can only be forced to dismantle the photovoltaic power station because there is no legal property protection.

3.3 Relocation

What is even more difficult to accept is that due to changes in government planning and the nature of the land, the entire company has relocated. This will happen very much in the process of urbanization in China. For this reason, the life of the photovoltaic power plant has stopped shortly. At present, there is no clear legal protection for the loss to obtain complete compensation.

3.4 Discontinued

Due to the current system design of distributed photovoltaic power generation, most of the power subsidies are hopeful and self-owned by enterprises, which is also an important reason why distributed power plants cannot accurately calculate the return on investment. If the company ceases production, the higher the proportion of self-use for the original power station design, the greater the proportion of losses. The maximum annual sales revenue is reduced by more than 30%, which is an unacceptable risk for investors and the financial community.

Photovoltaic power generation is an important way for future energy applications. From the improvement of the environment to the benefit of mankind, we cannot shrink back, fear and stop the development of the industry in the face of difficulties. Whether it is the government or the enterprise, it should overcome difficulties and overcome various difficulties, gradually improve the government's policy support level, gradually increase the overall quality of the industry, and make photovoltaic power generation take a bright road.

4 Ground Power Station Countermeasures

4.1 Strictly Limit the Scale of Western Terrestrial Power Stations

It is suggested that the government strictly limit the scale of ground power station development. With regard to the current photovoltaic power generation technology, photovoltaic power plants with small power generation per se, long-distance transmission, loss of multiple step-up and step-down losses, and standby for stable power supply units greatly reduce the efficiency of energy utilization. Terrestrial power stations should establish practical and feasible installed capacity in accordance with the principles of sales and production, with a slight advance. Ensure that all production projects can be basically fully loaded. It is recommended that the government clearly specify the photovoltaic power station. When the technical renovation and equipment upgrades are performed, as long as the installed capacity does not exceed the original approved capacity, the 20-year power price will remain unchanged. Encourage enterprises to upgrade their old photovoltaic power generation equipment.

4.2 Clear application of land use tax

As far as the photovoltaic power plant land policy is concerned, the current national policy is very clear. However, some local governments have used government power to levy land use taxes in ambiguous terms due to their consideration of tax sources, and the annual tax payable for land use tax is very large, ranging from 0.6 yuan to 12 yuan per square meter, causing companies to face forced actions. Tax notifications issued are difficult to deal with. Therefore, with regard to the land use tax of photovoltaic power plants, the state should stipulate whether or not it imposes or imposes standards in the form of laws and regulations so as to avoid causing abnormal losses in the income of the power plants.

5 Distributed Power Station Countermeasures Study

5.1 Formal Management of Distributed Power Plants Including Project Planning

All distributed photovoltaic power plants are built on the roof of a planned and approved building. Comparing with these buildings with perfect construction procedures, there are legal obstacles for PV power plants to register for property rights after they have been registered and filed. Based on the government's working procedures, land registration is the basis for planning and filing. The vast majority of planning departments are very difficult to accept and handle in the case of frustration. Therefore, the government should clearly stipulate that for a distributed photovoltaic power plant, as long as there is a lease contract signed with the roof owner, it must be given the plan for the record, and the withdrawal of this plan must also be approved by the planning department.

5.2 Establishing Real Estate Property System of Distributed Hydropower Stations

On the basis of planning and filing, photovoltaic power stations implement a property registration system. After the government completes the filing procedure and the government-designated agency has accepted the power station, the photovoltaic power station that has been allowed to generate power is allowed to complete the property registration in the event of a lease contract. It is best to issue a property registration certificate for the distributed photovoltaic power station. It is the same subject, but it can also be a different subject. Photovoltaic power plants registered through property rights, in accordance with the legal provisions corresponding to the property rights law, guarantee the interests of the owners and become the legal documents for asset registration of investment owners.

5.3 Legislation Eliminate Existing Risks of Distributed Power Stations

When PV power plants registered by property rights are faced with such activities as enterprise transformation, urban transformation, and land property change, power station enterprises can conduct negotiations and negotiations with the ownership of the property rights. The government involved should provide compensation according to the compensation method for immovable property rights. If the roof owners modify and dismantle such power stations based on their own development needs, and upon the basis of consultations between the two parties, they may choose to re-establish the photovoltaic power station on the original site or the original owner to provide other roofs, after the approval of the government planning or filing. Lease conditions are provided to the owner of the power station for rebuilding the photovoltaic power plant.

Where the government needs the overall relocation of the company and the company no longer exists, the government can choose to provide other roofs in addition to the loss of the photovoltaic power station due to the urban planning, so that the photovoltaic power station can be entirely rebuilt. Such power stations also need to ensure that the original approved tariff continues for 20 years.

In the current situation of encouraging self-use of distributed PV power plants, companies must consider how to reduce the risk of photovoltaic power generation during the production phase. According to the characteristics of urban electricity consumption in the eastern region, it is highly probable that distributed photovoltaic power plants built around cities or cities will consume electricity from surrounding companies and shopping malls. In the process of deepening the reform of the power grid, allowing new energy sources to be unable to dissipate the full amount of electricity in the roof, the grid must allow it to directly supply power to users who have agreed to receive electricity.

5.4 Provision of Power Grids as Distributed Power Plant Settlement Subjects

It is suggested that the provisions for distributed generation should be charged on behalf of the grid companies, which may consider appropriate management fees for the grid. According to the national policy, the measurement of the degree of electricity subsidy is determined by the grid company, whether it is for self-use or for the remainder of the grid. Therefore, the grid company does not increase the technical workload, but only increases the workload on financial management. It should be the most convenient, fast, authoritative, and creditable electricity tariff collection unit. Under the current situation that the domestic credit system has not been fully established, the risk of paying electricity charges on time and in accordance with the amount is to be eliminated, and it is the only solution to provide that the power grid is the subject of distributed power station settlement.

I believe that with the support of the above policies, the stability of the revenue of photovoltaic power plants will be greatly enhanced, the risk of financial institutions will be greatly reduced, and the photovoltaic power generation industry will enter a stage of rapid development. (Author: Peng Libin, president of Investment Co., Ltd. Beijing Yang Jun, Jun Yang Solar Power Investment Co., Ltd. Executive Director)

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