On April 22, the “2025 Distributed Energy Storage Innovation Forum” was held in Nanjing, Jiangsu, organized by North Star Solar Photovoltaic Network and North Star Energy Storage Network. During the event, Xu Guodong, the East China Regional Head of the New Infrastructure Department at Ping An International Financial Leasing Co., Ltd., delivered a keynote speech titled “Analysis of Investment and Financing Models for Distributed Energy Storage Following Document No. 136.”
Xu highlighted that the financing market for the energy storage industry has undergone significant changes under the new policy, with cash flow security becoming a top priority. The assessment of electricity consumption data has also become increasingly conservative. In light of this, Ping An Leasing plans to introduce new leasing products once the policy becomes clearer, aimed at addressing gaps in electricity consumption and cash flow.
In response to the anticipated decline in electricity revenue due to the new policy, Ping An Leasing recommends that investors focus on the application of photovoltaic and storage solutions, incorporating storage and carbon assets into cash flow calculations to optimize cash flow structures. Additionally, Ping An Leasing is conducting research on the feasibility of carbon asset pledging to help clients explore more emerging application scenarios.
Xu also elaborated on the company’s two core business models: direct leasing and sale-leaseback. Currently, the direct leasing business is closely aligned with policy changes, having undergone a comprehensive upgrade that adjusts the annual interest rate to around 4%. This is achieved by integrating electricity revenue rights pledges and a state grid support mechanism, alongside flexible storage device allocation plans to enhance project revenue stability and predictability. For the sale-leaseback model, which is less affected by the new policy, especially for investors in Jiangsu with historical subsidy assets, Ping An Leasing maintains an open and proactive cooperation approach.
Looking ahead, Xu revealed that Ping An Leasing will focus on high electricity consumption areas such as Jiangsu, Zhejiang, and Guangdong, while also paying attention to electricity potential regions like Sichuan and Chongqing. The company aims to collaborate closely with mature investment firms, particularly private investors with photovoltaic investments exceeding 10MW. Furthermore, they are piloting “storage capacity swapping” to adjust storage capacities between different regions and are prioritizing the development of photovoltaic storage aggregation projects, introducing innovative financial tools to inject new momentum into the distributed energy storage industry.
In conclusion, 2025 is set to be a landmark year for the distributed energy storage sector, as the introduction of the “Distributed Management New Policy” and Document No. 136 marks the end of the “fixed electricity price” era. This transition leads the development of distributed photovoltaic and energy storage into a new cycle, significantly restructuring the industry landscape.
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