In the process of improving my country's new energy infrastructure construction, the capital market is expected to play an increasing role.

On November 10, according to sources close to the regulatory authorities, in the next step, the regulatory authorities will further expand the scope of REITs pilots and cover new energy, water conservancy, new infrastructure and other fields as soon as possible. New energy projects are expected to be implemented within the year.

REITs is the abbreviation of Real Estate Investment Trusts, that is, real estate investment trust funds. It refers to obtaining income by raising funds from many investors and investing in real estate assets. It has the characteristics of high liquidity, relatively stable income, and strong security.

Up to now, 23 publicly offered infrastructure REITs products have been approved for issuance in China, 20 of which have been listed, covering various types such as highways, environmental protection, energy, industrial parks, warehousing and affordable housing.

There is a natural “compatibility” between new energy projects and REITs.

CITIC Construction Investment analyst Zhu Jin previously said that new energy projects have large investment amounts, short construction cycles (wind and photovoltaic power plants generally only take 18-24 months from the start of construction to commercial operation), long operating cycles and high investment returns (

The characteristics of wind and solar power station operation gross profit margin above 40%) are more consistent with the product characteristics of REITs and are suitable for the issuance of REITs.

The current new energy infrastructure mainly includes: non-fossil energy power generation infrastructure, including wind power, solar power, hydropower, nuclear power, etc.; new energy alternative energy infrastructure, the representative one is hydrogen energy related infrastructure; mid- and downstream intelligent power transmission

Grid equipment and other infrastructure.

Previously issued documents such as the "Implementation Plan for Promoting the High-Quality Development of New Energy in the New Era" and the "14th Five-Year Plan Modern Energy System Plan" proposed to study and explore the inclusion of new energy projects in the scope of REITs pilot support. The relevant projects are mainly non-renewable energy projects.

Fossil energy power generation infrastructure, including hydropower, wind power, solar power, pumped storage power stations, etc.

The scope of REITs pilot projects has been expanded to new energy and other fields. On the one hand, related infrastructure construction can obtain medium and long-term funding sources.

On the other hand, new energy assets can be directly financed in the capital market alone, which can give full play to the role of the capital market and help companies revitalize existing green power assets. Investors, by holding REITs fund shares, indirectly become the "backers" of infrastructure projects.

Shareholders", obtaining relatively stable income from it.

Peng Peng, secretary-general of the China New Energy Power Investment and Financing Alliance, previously pointed out that promoting the inclusion of new energy infrastructure in REITs is to expand the scale of direct financing. Compared with other assets, REITs in the new energy field have a high safety factor and will have a high overall income in the future.

It is relatively secure and is a good choice for investors.

A wave of domestic companies are actively applying for the issuance of public REITs for their new energy power generation projects. According to incomplete statistics from the Science and Technology Innovation Board Daily, China Energy Group, China Datang Group, Jingneng International, Jilin Electric Power, Shanghai Electric Power, Shenzhen Energy,

Goldwind Technology and TBEA are already on the road to declaration.