城燃企业投资燃气热电厂项目的参股方式

Equity Participation of Urban Gas-fired Co-generation Plant Project

“双碳”目标下,城燃企业面临来自新能源替代、终端电气化等变革带来的压力。在此背景下,城燃企业投资燃气热电厂项目,既能拓展终端电厂大用户市场布局实现销售收益,又可以通过参股燃气热电厂进入终端发电行业,强强联手拓展延伸产业链,实现互利共赢。城燃企业通常以小比例参股投资燃气热电厂项目,参股方式包括增资扩股和股权收购两种。基于某实例,从财务投资回报的角度方面分析了增资扩股和股权收购方式对原股东、标的企业和投资方的利弊。

Under the goal of "double carbon", urban fuel enterprises are facing the pressure brought by changes such as new energy substitution and terminal electrification. In this context, urban fuel gas enterprises invest in gas-fired thermal power plant projects. It can not only expand the market layout of large users of terminal power plants to achieve sales revenue, but also enter the terminal power generation industry through participation in gas-fired thermal power plants, so as to jointly expand and extend the industrial chain and achieve mutual benefits and win-win results. Urban fuel gas enterprises usually invest in gas-fired thermal power plant projects with a small proportion of shares, including capital increase and share acquisition. Based on an example, this paper analyzes the advantages and disadvantages of capital increase and share expansion and equity acquisition on the original shareholders, target enterprises and investors from the perspective of financial investment return.