The listing ceremony of the first onshore wind power public REITs and the first private enterprise wind power public REITs, CITIC Construction Investment Ming Yang Smart Energy Closed-end Infrastructure Securities Investment Fund (hereinafter referred to as "CITIC Construction Investment Ming Yang Smart Energy REIT" and "Fund") was held at the Shanghai Stock Exchange. The successful listing of CITIC Construction Investment Ming Yang Smart Energy REIT (Fund Code: 508015) has explored a new path for the wind power industry to innovate capital market financing and asset trading models.
At the ceremony, Zhang Chuanwei, Chairman and CEO of Mingyang Smart Energy, said that since its establishment, Mingyang Smart Energy has always adhered to high-end equipment manufacturing and independent innovation and research and development, especially in the global dual-carbon great track and the wave of green digital economy, it has innovated to create green new quality productivity and promote the high-end, industrial cluster and application scenario of new energy technology. Actively implement the national requirements for the normalization of public REITs issuance, and through asset securitization, provide an important window and platform for the business model innovation and application scenario innovation of Mingyang Smart Energy's transformation from production-oriented manufacturing to service-oriented manufacturing.
Zou Yingguang, member of the Party Committee and executive director of CITIC Construction Investment Securities Co., Ltd., said that CITIC Construction Investment Ming Yang Smart Energy REIT has injected a new asset type into my country's public REITs market and provided a successful case of asset listing for the new energy industry. It is of great significance to support my country's energy structure adjustment and accelerate the country's carbon peak and carbon neutrality process. It also provides a new model for the capital market to support the development of private enterprises.
According to publicly disclosed information, CITIC Construction Investment Ming Yang Smart Energy REIT raised about 1.28 billion yuan, with 200 million fund units, and all net recovered funds will be used for the development and construction of new energy power stations under Ming Yang Smart. The underlying assets are the Huanghua Jiucheng Wind Farm Project in Cangzhou City, Hebei Province and the Keshiketeng Banner Hongtujingzi Wind Farm Project in Chifeng City, Inner Mongolia, with installed capacities of 100MW and 50MW respectively. The two projects have stable income, good operation and high profitability.
On June 29, CITIC Construction Investment Ming Yang Smart Energy REIT issued a fund unit sale announcement. The announcement shows that after CITIC Construction Investment Ming Yang Smart Energy REIT eliminated invalid quotations, all 142 allotment targets managed by 58 offline investors met the conditions of offline investors stipulated in the "Price Inquiry Announcement", with a price range of 6.000 yuan/share to 6.776 yuan/share, and the total number of intended subscriptions was 255,850 million shares, which was 91.38 times the number of shares initially sold offline. It is reported that the inquiry multiple has set a new high in the REITs market this year.
Since its establishment, Mingyang Group has always adhered to the principles of serving the country through industry and intelligent manufacturing of high-end equipment, adhered to the principle of technology supremacy and innovation leadership, and is committed to the green, intelligent and inclusive energy. After more than 30 years of development, it has not only built a full industrial ecosystem of wind, light, storage, hydrogen and fuel clean energy, becoming the world's leading provider of overall clean energy solutions, but also continuously innovated capital market financing and asset trading models. After Mingyang Smart Energy returned from the NYSE red chip to the main board of the Shanghai Stock Exchange in 2019, and became the first company to complete the GDR overseas listing in 2022, Mingyang Smart Energy continued to deepen the integration of industry and finance, carry out non-equity financing activities for projects, and is committed to embarking on a light-asset development path with value creation as the core, and promoting Mingyang's high-quality development. As of now, Mingyang Smart Energy's assets that can be expanded have covered Hebei, Inner Mongolia, Guangdong, Henan, Heilongjiang and other regions, and the asset types cover onshore wind power, offshore wind power, photovoltaics, etc., and there will be sufficient assets to be expanded in the future.
Since 2009, China has led the world in newly installed wind turbine capacity. With the advancement of the "3060" goal, China's wind power industry is facing unprecedented opportunities. In the next three years, China's newly installed wind power capacity is expected to account for more than 50% of the world's total, continuing to lead the global wind power growth. Wind power projects require large amounts of funds and have long investment cycles. Public REITs, as equity-based financial instruments, can help the wind power industry revitalize existing assets, enrich financing channels, and provide long-term and stable funds.
From the investment side, clean energy REITs, including wind power, are generally recognized by market investors due to their clear model, stable operation and high distribution rate. As an important type of new energy field, the launch of public REITs for onshore wind power will further enrich the types of domestic public REITs and increase the range of choices for investors.
