中外能源基础设施REITs发展对比研究

Comparative Study on the Development of Energy Infrastructure REITs between China and Foreign Countries

在全球能源转型过程中,新能源设施建设的重要性不断凸显,然而,这一进程普遍存在巨大的资金需求和漫长的投资回报周期。面对这一现状,多国正积极探索融资新路径,特别是通过不动产投资信托基金(REITs)这一金融工具助力基础设施投资建设。本文通过介绍部分国家能源基础设施REITs现状,并与我国进行对比,深入剖析了国外REITs产品在法律形态明确、原始权益人参与管理、专项法规及税收政策等方面的经验,发现当前成熟REITs市场较少将新能源基础设施作为底层资产。因此,我国应加快推动新能源REITs产品的创新与推广,以期在公募REITs领域实现“弯道超车”,此举不仅能够有效解决新能源设施大规模建设的资金需求难题,还将助力我国在全球能源转型进程中抢占先机,加速实现绿色低碳发展目标。

In the global energy transition process,the significance of constructing new energy facilities has become increasingly prominent.However,this process is generally characterized by substantial funding requirements and a lengthy investment return cycle.Confronted with this status quo,numerous countries are actively exploring new financing avenues,particularly leveraging Real Estate Investment Trusts(REITs),a financial instrument,to support infrastructure investment and construction.This article,by introducing the current state of energy infrastructure REITs in selected countries and comparing them with China,delves into the experiences of foreign REITs in terms of their clear legal forms,the involvement of original equity holders in management,specialized regulations,and tax policies.It reveals that currently,few mature REITs markets consider new energy infrastructure as underlying assets,emphasizing the urgency to expedite the innovation and promotion of new energy REITs products in China.This endeavor not only has the potential to effectively address the funding challenges associated with large-scale new energy facility construction but also positions China to gain a competitive edge in the global energy transition,accelerating the achievement of green and low-carbon development goals.