Mingyang Smart Energy's Dual REITs Model Breaks the Ice: Expanding Financing Channels for New Energy Power Plants
On December 18, the "CITIC Securities - MingYang Smart Energy New Energy Holding Real Estate Asset-Backed Special Plan" (referred to as the "MingYang Smart Inter-Institutional REIT") was officially announced on the Shanghai Stock Exchange, with an issuance scale of 812.67 million yuan. As the first holding-type real estate platform established by a private energy public REITs issuer in China, the launch of this project also marks another breakthrough in the asset securitization cooperation between MingYang Smart Energy and CITIC Securities.
As early as July 2024, the two parties jointly launched the first onshore wind power public REITs and the first private wind power public REITs in China. The addition of this inter-institutional REIT has officially established a dual REITs platform of "public + inter-institutional," opening up a new path for equity financing for private energy companies to revitalize their existing assets.
It is worth mentioning that since 2025, inter-institutional REITs with new energy as the underlying assets have emerged intensively. With stable cash flow and policy adaptability, they have become a new hotspot in the capital market.
Exploration of the Dual REITs Path
It is understood that as a leading enterprise in the global new energy equipment industry, MingYang Smart Energy was established in Zhongshan, Guangdong in 2006 and listed on the Shanghai Stock Exchange in 2019. Its business covers more than 60 countries and regions worldwide, with over 1,900 new energy projects put into operation and more than 24,000 onshore and offshore wind turbines delivered, totaling over 131GW.
Previously, MingYang Smart Energy cooperated with CITIC Securities to issue the "CITIC Securities MingYang Smart Energy New Energy REIT," which is also the first onshore wind power public REITs in China. In 2024, the underlying assets of this project, the wind farm, generated 388 million kWh of electricity, with a utilization rate of 99.61%, significantly higher than the national average. In the first half of 2025, it achieved revenue of 113 million yuan and distributable income of 36.7233 million yuan, with a cumulative distribution of 235 million yuan since its listing, demonstrating strong cash flow generation capabilities.
The newly established MingYang Smart Inter-Institutional REIT uses the Shaanxi Jingbian Ningtiaoliang Wind Farm Project held by its subsidiary Shaanxi Jingbian MingYang New Energy Power Generation Co., Ltd. (referred to as "Jingbian MingYang") as the underlying asset, with a total installed capacity of 150 MW. The project has an average annual power generation utilization of over 2,100 hours in the past three years, and the supporting Jishanliang 330kV booster station is a key node for new energy power transmission in northern Shaanxi.
Data shows that in 2024 and the first nine months of 2025, Jingbian MingYang achieved revenues of 158 million yuan and 132 million yuan, respectively, with net profits of 86.3355 million yuan and 67.497 million yuan, respectively. The scarcity of assets and the stability of cash flow are the core support for its market recognition.
From the perspective of model innovation, the dual-platform construction accurately addresses the pain points of private energy companies in revitalizing heavy assets, aligning with the development logic of a multi-level REITs market. Although public REITs can widely cover investors, they have high issuance thresholds and long approval cycles (usually over a year), requiring underlying assets to have been in operation for at least three years and an assessed net value of no less than 1 billion yuan (equivalent to a new energy power station scale of 200-300 MW). Inter-institutional REITs, with their advantages of efficient approval, flexible valuation, and autonomous use of funds, have become an important supplement to the public platform.
Therefore, through the operation of dual platforms, companies can achieve tiered revitalization based on asset characteristics. Mature assets that meet standardized requirements can be connected to public REITs, while assets that do not yet meet public conditions or require quick capital recovery can be monetized through inter-institutional REITs, forming a virtuous cycle of "issuance-revitalization-reinvestment."
Accelerated Expansion of New Energy REITs
The launch of MingYang Smart's dual REITs platform is not an isolated event but a microcosm of the booming development of the clean energy asset securitization market.
Since the National Development and Reform Commission included new energy projects in the REITs pilot support scope in 2022, the field has shifted from pilot exploration to a new stage of standardized expansion. The "Industry Scope List for Infrastructure Real Estate Investment Trust Fund (REITs) Projects (2025 Edition)" (referred to as "Document No. 991"), released in December 2025, included energy storage facilities in the scope of public REITs for the first time, further broadening the asset boundary.
As of now, there are eight public REITs for domestic energy infrastructure, with a total fundraising amount of approximately 20 billion yuan, covering diverse underlying assets such as wind power, photovoltaic, hydropower, and gas power generation. At the same time, the China Nuclear Clean Energy REIT is scheduled to be officially issued from December 22 to 23, with an effective subscription multiple of 340.47 times for offline investors, setting a new high since the issuance of C-REITs.
However, the high issuance threshold of public REITs still deters many projects. In this context, inter-institutional REITs have become an important supplementary channel for the asset securitization of new energy companies, emerging intensively under the dual drivers of policy guidance and market demand.
In June this year, the "Taikang Asset - Caitong - Envision New Energy Holding Real Estate Asset-Backed Special Plan (Carbon Neutrality)" was launched, becoming the first clean energy inter-institutional REITs in China, with an issuance scale of 285 million yuan. The underlying asset is the Hengpeng Wind Farm Project in Weixian County, Handan City, Hebei Province. According to Yang Minhua, general manager of Envision Energy's new business department, the expansion plan of the project has also been put on the agenda, and related promotion work has been launched, which is expected to be completed within the year.
In November, the "CPIC Asset - Trina Solar New Energy Infrastructure Carbon Neutrality Green Holding Real Estate Asset-Backed Special Plan (Rural Revitalization)" was officially approved, becoming the first inter-institutional REITs in the photovoltaic field with the three themes of "carbon neutrality + green + rural revitalization," with a planned issuance scale of 3.045 billion yuan.
Entering December, the issuance pace of new energy inter-institutional REITs has further accelerated. Among them, the "Xingzheng Jishi - Bicheng Nengfa New Energy Holding Real Estate Asset-Backed Special Plan (Carbon Neutrality)" and the "Guangdong Wind Power Company 1-3 Phase New Energy Infrastructure Investment Green Asset-Backed Special Plan" were approved one after another, with planned issuance scales of 320 million yuan and 3 billion yuan, respectively.
In addition, the "CPIC Asset - Towngas Smart Energy New Energy Infrastructure Carbon Neutrality Green Holding Real Estate Asset-Backed Special Plan" has also submitted an application and has been accepted by the Shenzhen Stock Exchange. It is reported that Towngas Smart Energy successfully issued the first commercial and industrial distributed photovoltaic and energy storage REITs in the entire market in December 2024 and continues to increase its layout in new energy asset securitization.
Looking ahead, with the promotion of the dual REITs model, operational optimization, and the improvement of investor structure, new energy REITs will strengthen their role as a bridge between industry and finance, and are expected to form a virtuous pattern of "finance empowering industry and industry building ecology."
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