Key points for operating financial leasing projects of distributed photovoltaic power stations (recommended useful information!)

Key points for operating financial leasing projects of distributed photovoltaic power stations (recommended tips!) Distributed photovoltaic power stations have experienced ten years of development，Encouraged by national policies，In the past two years, it has entered a stage of rapid growth.。

According to the "Summary of Photovoltaic Power Generation Construction and Operation Information in the First Half of 2025" released by the National Energy Administration in early August，Just as centralized photovoltaic power stations increased their installed capacity by 16% lower than the same period last year,，When handing over the installed capacity report card for the first half of this year，Distributed photovoltaic power stations rely on 7.11 million kilowatts、Newly installed capacity increased 2.9 times year-on-year announced，It has already taken the lead，Become an industry hot spot。

The financing of distributed photovoltaic power plants，No one cared about it from the beginning，Up to now, it has gradually formed various forms、Diversified financing situation with different models。The author is based on the distributed photovoltaic power station financial leasing project that he personally participated in.，Summarize some key points in practical operations，Focus on the special risks caused by the particularity of the industry，At the same time, the characteristics and comparison of centralized photovoltaic power station projects are also taken into consideration.。

one、Transaction structure Transaction structure generally does not fall within the scope of direct lease and leaseback.，However, since distributed photovoltaic power stations are generally “one project、One company"，Each power plant project is operated by a separate entity，And the single power station is small in size、A large number of project companies，In addition, EPC and other methods are often used to outsource construction.，Or adopt mergers and acquisitions of projects that are not connected to the grid to speed up the construction progress.，Therefore, the transaction structure is variable、complex。

1. If many project companies are all subsidiaries of the same parent company or group,，Since the project company is generally a newly established company，Poor qualifications，The qualifications of the parent company are better than those of its subsidiaries，Can provide centralized credit to the parent company or group，Lock an entity among joint tenants，Jointly leased by the parent company and its subordinate project companies，Optimize lessee’s credit，Improve the efficiency of internal review of leasing companies。
2. In direct rental projects，If the EPC method is adopted uniformly，EPC construction parties can be used as unified suppliers，Reduce workload。
3. If the power station is a project to be acquired (agreed to be acquired after grid connection)，The project company or parent company that will actually operate in the future can be used as a joint lessee of the project company to be acquired.，Reduce risk。

two、In addition to general matters about the company's basic information - understand the company registration time、Registered capital、Business scope、Equity structure and capital contribution，Verify the legality of the company’s industrial and commercial registration、authenticity，Investigate the company’s history，Investigate the background of major shareholders、Except for the recent changes or potential future changes of major shareholders and actual controllers，Also need to pay attention：

1. Photovoltaic power station projects are generally “one project、One company"，And due to the preliminary audit of the power station，Mostly in the form of subsidiaries，i.e. operating as a separate legal entity、Operation，Therefore, it is necessary to obtain complete information about each project company。
2. In addition to the conventional company licenses，Certificates that must also be obtained、Information includes：Registration certificate from the energy authority, namely the National Development and Reform Commission (Bureau)，Feasibility study report of power station project，Grid connection certificate of power grid enterprise，Electricity purchase and sale agreement signed with power grid enterprise，Rooftop rental agreement and related building ownership certificate or construction procedures。
3. Project registration is based on the "Interim Measures for the Management of Photovoltaic Power Station Projects"，The energy authorities at the provincial level and below shall comply with the investment project management regulations of the State Council and the annual guidance scale indicators for distributed photovoltaic power generation in the region issued by the energy authorities of the State Council.，Implement record-keeping management for distributed photovoltaic power generation projects。Specific filing methods shall be formulated by the provincial people's government。

At present, different regions have decentralized registration authority to the city and county level.，Distributed photovoltaic power stations are registered by the County Development and Reform Bureau - there is a problem here，There is currently no unified publicity or inquiry channel for the National Development and Reform Bureau’s filing documents.，Cause inconvenience to due diligence。Compared with centralized photovoltaic power plants，Generally, distributed photovoltaic power generation projects eliminate the need for complicated pre-project procedures.，Compared with centralized photovoltaic power generation projects，Administrative approval procedures are greatly reduced。

According to Article 11 of the "Interim Measures"，The project filing process should be simplified as much as possible based on the characteristics of distributed photovoltaic power generation projects.，Exemption from power generation business license、planning site selection、land preliminary review、Soil and water conservation、environmental impact assessment、Supporting documents such as energy conservation assessment and social risk assessment。

at the same time，According to the "Several Opinions of the State Council on Promoting the Healthy Development of the Photovoltaic Industry" published by the State Council on July 4, 2013 (State Council[2013]24No.) and relevant provisions of the "Interim Measures"，Exemption from the power generation business license for distributed photovoltaic power generation applications。

1. System access is in accordance with the provisions of the "Interim Measures"，Encourage prefecture-level or county-level governments to apply for grid access based on actual local construction and grid access、Grid-connected debugging and acceptance、Filing of distributed photovoltaic power generation projects that combines electricity bill settlement and subsidy issuance、One-stop service system including completion acceptance，simplify

Process

、Improve management efficiency。

Distributed photovoltaic power generation projects connected to the power grid with voltage levels of 35 kV and below，The prefecture-level city or county-level power grid enterprises shall handle relevant grid connection procedures in accordance with simplified procedures.，And provide grid connection consultation、Electric energy meter installation、Grid-connected debugging and acceptance services。

Distributed photovoltaic power generation projects that are connected to the grid with a voltage level of 35 kV or above and the power generated is used within the grid connection point.，Grid companies should use their access methods to、Power usage range，Conduct grid connection management in a simple, timely and efficient manner，Provide related services。

1. Rooftop rental from a technical perspective，The basic principles for selecting distributed roofs are：Suitable for building on top of large roofs，such as factory、School、Hospital、municipal public buildings、Residential building roof，Such a roof meets the requirements for photovoltaic system construction

Require

：Open space，No shadows，Roof is solid，Strong carrying capacity。

Different from ground centralized photovoltaic projects and ground distributed photovoltaic projects，The roof of the building occupied by the rooftop distributed project serves as the basis for the photovoltaic structure，Legal compliance of rental buildings is critical。If the leased building itself is constructed illegally，May cause certain legal risks to project operation，In serious cases, the building and its attached photovoltaic facilities may be forced to be demolished.。

therefore，Construction procedures for leased buildings and their ownership certificates should be carefully checked，avoid risks。Lease period issue。Distributed photovoltaic projects have a long project period，Generally 25 years，The Contract Law stipulates that the term of a lease contract shall not exceed twenty years.，more than twenty years，The excess is invalid。To maintain the continuity of rooftop rentals，The lessor’s commitment to “renewal upon expiration” can be included in the contract.。

also，Since roof rentals are great for roof owners，Less rental income and often “interrupted”，There is a possibility of discontinuing the lease due to subjective wishes；Objectively speaking，Because most of the lessors are small-scale enterprises，Such as poor management，Likely to sell、dispose of building。

therefore，The qualifications of the lessor should also be properly investigated、Shareholder background and operating conditions，At the same time, you can also emphasize in the contract that "the sale does not break the lease"、Clauses such as "mortgage does not break the lease"，at the same time

Require

The lessor promises to coordinate if relevant situations arise、Obligations such as advance notification。

three、Business and technical situation

1. The industry situation and competition are as mentioned at the beginning of the article，The installed capacity of distributed photovoltaic power stations has increased rapidly in recent years.，so，Industry data should be paid close attention to，Monitor market conditions and the resulting impact on national policies。
2. National policies It is self-evident that national policies have a huge impact on the photovoltaic industry，The steep decline of centralized photovoltaics in the past few years can be said to be largely due to the insufficient implementation of subsidies due to overcapacity.，as a warning，National policies should be paid close attention to，At the same time, maintain close contact with the subsidy issuing department。

Four、The financial status of photovoltaic power station projects is different from that of ordinary companies.，The financial condition of the project company is of relatively low importance，Project income calculation and forecasting are even more critical.。The project income calculation is detailed in the feasibility study report，However, as a lessor, it should be recalculated，Verify whether the calculation is reasonable。

The annual income calculation formula of the project is as follows:：Project revenue (P) = project revenue (R) - project cost (C) project revenue (R) = power generation (A) * on-grid electricity price (B) project cost (C) = construction cost (D) + operating cost (E) Specifically：A. Power generation capacity (A) = Annual effective power generation hours (F) × Installed capacity (G) × System efficiency (H) F. The most accurate algorithm for annual effective power generation hours should be based on actual local measurement data，Leveraging Solargis、PV system、Calculation using RETScreen and other software。

For a rough estimate, you can also use the local peak sunshine hours published by the Energy Bureau.。Peak sunshine hours is a unit that describes solar radiation(w/㎡/day，That is, watts per square meter per day)，Also called solar insolation rate or simply insolation rate，Used to compare the abundance of solar energy resources in different regions。The peak sunshine hours are obtained by dividing the annual cumulative solar radiation under standard test conditions (irradiance is 1000w/m2) by 365。

Most of my country's distributed photovoltaic projects are located in Class III resource areas，Solar radiation is relatively weak，Peak sunshine hours are generally between 1200-1700 hours。Peak sunshine calculation formula：100mW/cm2=The number of sunshine hours under the radiation intensity of 0.1W/cm2。

1J=1Ws,1h＝3,600s100mW/cm2＝

1. 1W/cm2＝1,000W/m2=1,000J/sm2＝
2. 6MJ/hm2 From this, the coefficient for converting solar resources (MJ/m2) into peak sunshine hours is
3. 6。

Assume that the amount of radiation on the solar cell array is known

1. 755MJ/m2/a，The annual peak sunshine hours can be calculated =
2. 755÷
3. 6=
4. 04kWh/m2/aG. Installed capacity The installed capacity will be clearly displayed on the filing document.，After the project is connected to the grid，The actual installed capacity is generally not allowed to be higher than the registered installed capacity.。

During the due diligence process, it should be calculated whether the installed capacity is reasonable.：Generally, different roof structures can install different photovoltaic capacities.，Generally speaking, it can be calculated according to the following formula：cement flat roof：Installed capacity(W)=80W/㎡×roof area(㎡)Color steel or tile roof：Installed capacity(W)=100W/㎡×roof area(㎡)If it is simply calculated based on 1 million per square meter，1Ten thousand square meters is about 1mw。

H. System efficiency Factors affecting system efficiency：Including wire loss (about 2%)，Inconsistency loss coefficient (approximately 3%) among a large number of solar panels，Consider that even if the surface of the solar panel is cleaned, there will still be a certain amount of dust.，Occlusion loss coefficient (about 5%)，Efficiency of photovoltaic grid-connected inverter (around 98%)，The efficiency of dry-type transformers reaches (about 98.5%)，Engineering inverter efficiency (considering that photovoltaic power plants rarely operate at full load，Work at a lower level most of the time，And there is no-load loss when no power is generated at night.，about 98%)，Step-up transformer efficiency (two-stage boost，Losses need to be considered twice，about 98%)，Unavailable solar radiation loss coefficient (about 3%) in the morning and evening，Temperature influence coefficient of photovoltaic cells (about 2%)，Loss coefficient for other unforeseen factors (about 2%)，etc.。

Multiplying the above influencing factors gives the system efficiency，General system efficiency is between 75%-85%。

B. On-grid electricity price On-grid electricity price = basic electricity price + national subsidy + local subsidy The basic electricity price can be divided into two situations：User electricity price for “self-use part” of distributed photovoltaic，Generally the price is higher(Refer to the power grid’s public electricity price，Friendly negotiations between power suppliers and electricity users);Desulfurization coal electricity price in the project area in the distributed photovoltaic "on-grid part"，Standard prices vary greatly among provinces and cities。National subsidy is the electricity subsidy formulated by the National Development and Reform Commission.，Will be adjusted every year。

At present, distributed photovoltaics are divided into "spontaneous and self-use"，There are two modes: "surplus electricity to the Internet" and "full amount of the electricity to the Internet"。Electricity subsidy for some countries connected to the Internet in Class III resource areas may be adjusted to

1. 4Yuan，Subsidies only fall
2. 02Yuan(2025The annual national electricity subsidy is
3. 42Yuan)。Local subsidies refer to the subsidy standards set by provincial and municipal governments to encourage the development of photovoltaic projects.，Divided into one-time subsidy and kWh subsidy。

D. Construction costs Construction costs generally consist of equipment and engineering，Since the equipment composition of photovoltaic power stations is relatively regular,，The proportion of projects is also small，so，In addition to detailed accounting based on equipment conditions，if not

Require

settlement，During the calculation process, the author found that centralized photovoltaic power stations are generally relatively large in scale.，Therefore, the cost can be reduced，Can be calculated based on 7-8 yuan/w，Distributed photovoltaic costs 8-9 yuan/w，That is 8-9 million yuan/mwh。

Financial leasing mainly focuses on the equipment part，Accounting for about 80%，That is about 7 million yuan/mwh。five、overall company strategy

1. Development strategy: Photovoltaic power plants are capital-intensive industries in the early stages.，The group’s overall development strategy and financial support are crucial，If the group or company does not regard this type of business as its business focus，Exercise caution。
2. Business Philosophy and Business Model The photovoltaic power station project company can be said to be “a small but well-rounded sparrow”，Individual project companies need to make independent decisions and operations with the support of the group，therefore，The company’s flat organizational structure and the courage to delegate、The business philosophy of being good at supervision is more conducive to the overall development of the company。

As far as the operation of the power station is concerned，Distributed photovoltaic power stations are divided into two methods: "full grid" and "balance grid".，Although the "balance grid" model is a power station model strongly advocated by the country,，Helps utilize residents’ unused rooftops，High social benefits，However, since the property owner of the roof is a natural person，Involves many issues，Therefore, for professional photovoltaic power plant companies,"Fully connected" power stations are easier to manage，Lower operating risks。

In terms of regional selection，western region、It is generally not operated in areas with high light abandonment rates.，Limited Choice Category III Resource Area，Especially in areas with relatively high local subsidies such as Hebei、Shandong、Shenzhen and other places。six、The photovoltaic power generation system of the rental property is composed of a solar cell array，Charge and discharge controller，inverter，AC power distribution cabinet，Solar tracking control system and other equipment components。

in，The most important thing in terms of amount is the solar cell array or photovoltaic module.，Accounting for about 80% of the total equipment cost。Solar cells are generally silicon cells，Divided into monocrystalline silicon solar cells，Polycrystalline silicon solar cells and amorphous silicon solar cells。

Amorphous silicon photovoltaic modules only have a maximum of 78W per square meter，The minimum is only about 50w，characteristic：Covers a large area、relatively fragile、Low conversion efficiency、Unsafe to transport、How fast does it decay?，But low light is better。

The power per square meter of polycrystalline silicon photovoltaic modules is now 250W, which is more common on the market.、255W、260W、265W，These powers are all of the same area and size.

1. 63About square meters area，And 295W、300W、305W、310W area is basically
2. 93About square meters (currently the mainstream power is 270-275W)。

characteristic：slow decay、Long service life，Compared with monocrystalline silicon photovoltaic modules, the price is higher

Advantages

，It is also one of the more common ones on the market now.。

The common power of monocrystalline silicon photovoltaic modules in the market is 260W、265W、270W、275The area of ​​W is

1. 63About square meters，And there is also 305W、310W、315W、320The area of ​​W is
2. 93About square meters，This is basically the same size as polycrystalline (the current mainstream power is 285-290)，characteristic：The conversion efficiency is slightly higher than that of polycrystalline silicon for the same area.；The cost is certainly higher than that of polycrystalline silicon photovoltaic modules.；The service life is basically the same as that of polycrystalline silicon photovoltaic modules。

in later operations，Maintenance of the battery array is also extremely important，Directly affects photoelectric conversion efficiency and power station benefits，Attention should be paid to equipment maintenance during post-rental management，Conditionally exploitable IoT、Big data and other advanced technologies for real-time monitoring。

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