--- title: "How to Break the Involution in the Second Half of Distributed Photovoltaics? TRINA SOLAR Breaks the Ice on Household Photovoltaic Asset Securitization" type: "News" locale: "en" url: "https://longbridge.com/en/news/279450985.md" description: "The photovoltaic industry is recovering, and TRINA SOLAR is integrating existing power plants through asset securitization, expanding new sales channels, and increasing cash flow. This will provide more support for its distributed and energy storage business expansion, helping it stand out in the competition within the photovoltaic industry" datetime: "2026-03-17T14:20:27.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/279450985.md) - [en](https://longbridge.com/en/news/279450985.md) - [zh-HK](https://longbridge.com/zh-HK/news/279450985.md) --- # How to Break the Involution in the Second Half of Distributed Photovoltaics? TRINA SOLAR Breaks the Ice on Household Photovoltaic Asset Securitization The photovoltaic industry is showing initial signs of recovery, but the competition for the second half has already begun. By integrating existing power plants through asset securitization, leading company Trina Solar has developed new sales channels beyond the traditional "five big and six small" and financial leasing companies. The increased cash flow generated will provide more "ammunition" for its accelerated expansion in distributed and energy storage businesses amid a new peak of photovoltaic anti-involution. On March 17, the Taiping Asset - Trina Fuhua New Energy Infrastructure Carbon Neutral Green Holding Real Estate Asset Support Special Plan (Rural Revitalization) (hereinafter referred to as Trina Inter-Institutional REITs) was officially listed on the Shanghai Stock Exchange. According to reports from the scene, the scale of this REITs asset is 3 billion yuan, with underlying assets consisting of over 28,000 household distributed photovoltaic power plants across 10 provinces in the country, with a total installed and grid-connected capacity of 990.34MW. Taiping Asset serves as the plan manager and cornerstone investor, while Trina Solar's Trina Fuhua acts as the original equity holder and operational management institution. This is the first inter-institutional REITs for household distributed photovoltaic in the photovoltaic industry, and in terms of issuance scale, it belongs to a larger scale among the emerging new energy inter-institutional REITs. Asset securitization of photovoltaic power plants is not a new concept; the industry began experimenting with this innovative financing model over a decade ago. In recent years, with the expansion of the infrastructure REITs market, the securitization of distributed photovoltaic power plants has entered a new stage: transitioning from traditional financing leasing and quasi-REITs ABS debt financing models to an era of equity asset securitization. According to observations from the news outlet, previously listed public REITs in the new energy sector have all had centralized power plants as their underlying assets. In contrast, household photovoltaic units are smaller and more dispersed, and the standardized packaging of such assets into pools presents unprecedented challenges for transaction structure design, due diligence, and operational management systems. Especially after the introduction of new domestic distributed photovoltaic policies and the comprehensive marketization of new energy grid connection prices (Document No. 136) in 2025, the industry cooled down after a wave of installation rush. During the transitional period of policy changes and the reconstruction of industry rules and standards, the launch of Trina Inter-Institutional REITs provides a reference for innovative asset liquidity paths in the industry. Compared to public REITs, the product structure design of such holding-type real estate ABS is flexible, providing securitization possibilities for a large number of dispersed small and medium-sized distributed photovoltaic projects. In the domestic household distributed market, Trina Fuhua's market share is close to 20%. Gao Haichun, Co-Chairman of Trina Solar and Chairman of Trina Fuhua, stated at the listing ceremony that Trina Fuhua has established a complete closed-loop chain from physical power plants to standardized financial products, facilitating the realization of transferable, priceable, and replicable high-quality green assets, and opening up broad space for the subsequent listing of more green assets. Ding Huazhang, Vice President of Trina Fuhua, introduced in an interview with media outlets that the project will start preparation in 2024 and officially issue in January 2026, with clear expansion space reserved for the future to continuously incorporate high-quality new energy assets. He also revealed that Trina Fuhua's self-held distributed photovoltaic asset scale remains at 4-6GW, with an annual rolling development volume of about 10GW, and 6-8GW of assets will be off-balance sheet each year, "continuously feeding products into the ABS platform." Ding Huazhang stated that the public's existing impression of Trina Solar is that it is a photovoltaic product research and manufacturing company. However, as early as 10 years ago, Trina began to layout its solutions business and proposed a complete transformation towards comprehensive solutions in 2024. In this regard, Trina Solar's Chairman and CEO Gao Jifan mentioned last year that more than one-third of Trina's business does not come from photovoltaic manufacturing but from solutions. "This proportion will increase to over 50% in the next two to three years." Insurance funds, due to their long-term nature, large scale, and strong stability, are among the most patient capital in the capital market. According to The Paper, inter-institutional REITs often provide long-term, continuous cash flow, which highly aligns with the characteristics of insurance funds that have long cycles and pursue stable returns. The Trina household power stations included in this REITs product are all existing assets before Document No. 136 and the distributed new policy, which are mature in operation and relatively stable in returns. This REITs project has introduced diversified investors such as insurance institutions, industrial capital, trusts, and bank wealth management. Ding Huazhang told The Paper that the household market remains the most important foundation for Trina's wealth. This year, the development volume of household power stations will see more increments compared to last year. For the commercial and industrial distributed market, "we hope it will serve as an important growth engine in the next three years." The distributed photovoltaic REITs market is accelerating its expansion. In December last year, the "Xingzheng Jishi - Bicheng Energy Holding Real Estate Asset Support Special Plan (Carbon Neutrality)" was officially established, marking the first inter-institutional REITs for commercial and industrial distributed photovoltaics in China ### Related Stocks - [688599.CN](https://longbridge.com/en/quote/688599.CN.md) ## Related News & Research - [ZAWYA: Trina Storage recognized as BloombergNEF Tier 1 energy storage supplier for tenth consecutive quarter in Q2 2026](https://longbridge.com/en/news/286252284.md) - [Jeff Bezos Says SpaceX IPO Could Help Entire Sector: 'Space Is Going To Be A Gigantic Industry'](https://longbridge.com/en/news/287092627.md) - [Europe-China spacecraft launches to study Earth's 'invisible armour'](https://longbridge.com/en/news/286881963.md) - [ZAWYA: KIB Group, represented by KIB Invest, acts as Joint Lead Manager in landmark $700mln Sukuk issuance by First Abu Dhabi Bank](https://longbridge.com/en/news/287054139.md) - [China’s Amec setting industry standard for chipmaking tech, founder says](https://longbridge.com/en/news/286736721.md)