State Power Investment Corporation was approved as the country’s first new energy public offering REITs by a central enterprise

　Pilot to be the first to create new asset types

In order to deeply implement the concept of financial innovation and coordinated industrial development, the State Council issued In the spirit of [2022] Document No. 19 to "vitalize existing assets and expand effective investment", SPIC is actively preparing for the pilot project of new energy public offering REITs. On the basis of comprehensively carrying out underlying asset screening and in-depth implementation of plan research and demonstration, Jiangsu Company Offshore has been selected The first wind power project was attempted.

State Power Investment Corporation New Energy REIT has Jiangsu Company as the original equity owner and Jiangsu Haifeng as the operation and management agency. The underlying assets are Binhai North H1 and Binhai North H2 offshore wind power plants owned by State Power Investment Jiangsu Company. The field and supporting operation and maintenance stations are new energy infrastructure included in the pilot scope of the National Development and Reform Commission's "Notice on Further Improving the Pilot Work of Real Estate Investment Trust Funds (REITs) in the Infrastructure Field" (Development and Reform Investment [2021] No. 958). The project officially received approval from the China Securities Regulatory Commission and the Shanghai Stock Exchange today, marking a new breakthrough in asset types in my country's public REITs capital market and a milestone of great significance.

　Strive to the sea, green electricity appears in the capital market

The underlying assets of State Power Investment Corporation New Energy REIT are located in the "sea Yancheng City, Jiangsu Province, the number one wind power city, has a total installed capacity of 500,000 kilowatts. Among them, the Binhai North H1 project has an installed capacity of 100,000 kilowatts and was connected to the grid for power generation in June 2016. It is the first of the 44 offshore wind power projects in the country approved by the National Energy Administration's "Guoneng Xinneng [2014] No. 530" to be put into operation. The project is the first in the wind power industry to win the "National Quality Project Gold Award" and is also the only project in the wind power industry to be selected as one of the 100 "classic projects" in the engineering construction industry for the 70th anniversary of the founding of the People's Republic of China; the Binhai North H2 project has an installed capacity of 400,000 kW, it was connected to the grid to generate electricity in June 2018. It was the offshore wind farm project with the largest single unit capacity in Asia at the time of its connection to the grid.

By the end of 2022, SPIC’s clean energy installed capacity willThe proportion reached 65.8%. The installed photovoltaic power generation capacity, new energy power generation installed capacity, and renewable energy power generation installed capacity all rank first in the world, providing a solid foundation for future expansion of the project.

Innovation and integration to demonstrate the value of green capital

It is expected that the final issuance size of this offshore wind power public REIT will not be less than 7.165 billion. Yuan, it can introduce 4.418 billion yuan of equity capital to the State Power Investment Corporation and support the expansion of investment scale by 22.1 billion yuan. It can effectively drive investment in clean energy projects and form a virtuous cycle in which existing assets and new investments advance together.

As the country’s first public offering of new energy REITs by a central enterprise, State Power Investment Corporation New Energy REIT will also be listed on the Shanghai Stock Exchange, creating another asset listing platform for State Power Investment Corporation, which can be expanded through fundraising in the future. The method continues to incorporate clean energy assets to provide long-term, reliable equity financing channels for SPIC’s green and low-carbon development. It is a useful exploration of SPIC’s use of capital operations to promote the sustainable development of clean energy.

For a long time, SPIC has adhered to the path of integrating industry and finance with "financing to promote production and financing to strengthen industry", constantly accelerating financial innovation, and actively researching the establishment of public REITs for the REITs financing system. , quasi-REITs and pre-REITs are connected and complementary to each other, and innovative investment and financing models cover all categories and full cycles, creating a dual capital operation platform of "listed companies + public REITs". The successful approval of SPIC's new energy REIT is an important achievement of the above-mentioned practices. It helps to build a multi-level capital operation system and open up the full-cycle operation mechanism of "investment, financing, management and withdrawal" of asset operations, and accelerates the advancement of SPIC's "2035" First-class strategy" and the ambitious goal of building a world-class clean energy enterprise with global competitiveness provide strong support.