风电项目融资模式应用研究
发布时间：2018-08-01 15:12
【摘要】：风电项目开发建设需要资本市场的有效运作,然而由于风电建设的复杂性和系统性,决定了风电项目具有依赖政府政策、投资额度较大、开发周期短和回收期长的特点,因此风电项目的融资方式是风电建设需要解决的重点问题之一。 本文分析了影响风电项目内外部因素,通过梳理风电项目融资的各种模式,总结分析各风电项目融资模式的特点、运作方式和优劣势。通过国内外风电项目发展历程,总结和分析了国内外风电项目的成功经验和不足,为国内风电项目融资指出方向。 重点剖析了西班牙风电发展历程,指出西班牙是通过采取高补贴电价下的风电项目融资模式,再加上具有合理回报的私人资本投资,促进了该国风电项目的高速发展。同时也指出,受西班牙2012年风电政策转变,其风电项目发展已大不如前,政策的不延续、不统一导致西班牙风电项目发展受限。 本文提出我国现阶段受风电项目融资特点影响,单个风电项目可以在充分依靠银行贷款融资和CDM融资的基础上,通过融资租赁模式做适当补充,积极探索其他融资渠道,实现融资渠道的多样化,降低融资成本。大型风电集团除运用上述融资手段外,还可以通过整体上市和供应链融资来进行大规模资金的筹措。同时,国家需要为风电项目融资创造条件,给予更多的政策支持,提供固定电价的购电合同或特许协议中政府承诺的特许条件并保持政府政策的一贯性、连续性和完整性,给投融资者以足够的信心。 此外,论文还通过对风电项目融资能力评价的内涵进行界定,构建了风电项目融资能力评价的指标体系,明确了利用层次分析法作为风电项目融资能力的评价方法,最后通过实例验证并给出相应建议,旨在增强我国风电项目的融资能力。
[Abstract]:The development and construction of wind power projects need the effective operation of the capital market. However, due to the complexity and systematization of wind power construction, wind power projects are characterized by relying on government policies, large investment quotas, short development cycles and long payback periods. Therefore, the financing method of wind power project is one of the key problems to be solved in wind power construction. This paper analyzes the internal and external factors affecting the wind power project, through combing the various modes of wind power project financing, summarizes and analyzes the characteristics, operation mode and advantages and disadvantages of each wind power project financing mode. Through the development of wind power projects at home and abroad, this paper summarizes and analyzes the successful experiences and shortcomings of wind power projects at home and abroad, and points out the direction of financing for domestic wind power projects. The development course of Spanish wind power is analyzed emphatically. It is pointed out that Spain has promoted the rapid development of wind power projects in Spain by adopting the financing mode of wind power projects under high subsidized electricity prices and by combining with private capital investment with reasonable returns. It also pointed out that the development of wind power projects in Spain has not been as good as before due to the change of wind power policy in Spain in 2012, and that the lack of continuity of the policy and the lack of uniformity have restricted the development of wind power projects in Spain. This paper points out that under the influence of the financing characteristics of wind power projects in our country at the present stage, individual wind power projects can actively explore other financing channels on the basis of fully relying on bank loans and CDM financing and making appropriate additions through the financing leasing mode. To achieve the diversification of financing channels, reduce financing costs. In addition to the above financing methods, large wind power groups can also raise large-scale funds through the overall listing and supply chain financing. At the same time, the country needs to create the conditions for wind power project financing, to give more policy support, to provide the concession conditions promised by the government in the fixed electricity purchase contract or the concession agreement and to maintain the consistency, continuity and integrity of the government policy. Give investors enough confidence. In addition, the paper defines the connotation of wind power project financing ability evaluation, constructs the index system of wind power project financing ability evaluation, and clarifies the evaluation method of wind power project financing ability using AHP. Finally, some suggestions are given to strengthen the financing ability of wind power projects in China.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61
本文编号：2157975
[Abstract]:The development and construction of wind power projects need the effective operation of the capital market. However, due to the complexity and systematization of wind power construction, wind power projects are characterized by relying on government policies, large investment quotas, short development cycles and long payback periods. Therefore, the financing method of wind power project is one of the key problems to be solved in wind power construction. This paper analyzes the internal and external factors affecting the wind power project, through combing the various modes of wind power project financing, summarizes and analyzes the characteristics, operation mode and advantages and disadvantages of each wind power project financing mode. Through the development of wind power projects at home and abroad, this paper summarizes and analyzes the successful experiences and shortcomings of wind power projects at home and abroad, and points out the direction of financing for domestic wind power projects. The development course of Spanish wind power is analyzed emphatically. It is pointed out that Spain has promoted the rapid development of wind power projects in Spain by adopting the financing mode of wind power projects under high subsidized electricity prices and by combining with private capital investment with reasonable returns. It also pointed out that the development of wind power projects in Spain has not been as good as before due to the change of wind power policy in Spain in 2012, and that the lack of continuity of the policy and the lack of uniformity have restricted the development of wind power projects in Spain. This paper points out that under the influence of the financing characteristics of wind power projects in our country at the present stage, individual wind power projects can actively explore other financing channels on the basis of fully relying on bank loans and CDM financing and making appropriate additions through the financing leasing mode. To achieve the diversification of financing channels, reduce financing costs. In addition to the above financing methods, large wind power groups can also raise large-scale funds through the overall listing and supply chain financing. At the same time, the country needs to create the conditions for wind power project financing, to give more policy support, to provide the concession conditions promised by the government in the fixed electricity purchase contract or the concession agreement and to maintain the consistency, continuity and integrity of the government policy. Give investors enough confidence. In addition, the paper defines the connotation of wind power project financing ability evaluation, constructs the index system of wind power project financing ability evaluation, and clarifies the evaluation method of wind power project financing ability using AHP. Finally, some suggestions are given to strengthen the financing ability of wind power projects in China.
【学位授予单位】：华北电力大学
【学位级别】：硕士
【学位授予年份】：2014
【分类号】：F426.61
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