Betting on biomass power producers Kaidi Power major shareholder issued debt 1 billion

After the directional additional application is not, this year, Wuhan Kaidi Electric Power Co., Ltd. (hereinafter referred to as Kaidi electric power) frequently shot, even at the sale of shares to raise money emergency. Yesterday (September 14), there is news that Kaidi Power (000939,SZ) large shareholder Kaidi holdings of 1 billion yuan corporate bonds have been officially approved, the majority of the funds received continue to invest in biomass power generation projects.　　Some people in the industry questioned that such projects exist many bottlenecks, and its profitability and industry prospects have not been bullish, Kaidi electric power This may be in the "gambling." Borrow 600 million and then hit biomass power yesterday, the daily economic news reporter from the Hubei Provincial development and Reform Commission learned that Wuhan Kaidi holdings of 1 billion corporate bonds have been officially issued, the bond period of 10 years.　　According to the NDRC, 40% of the funds raised to repay loans and supplement the company's operating capital, the remaining 600 million yuan for all parts of the biomass power plant project construction.　　Last November 20, Kaidi Power issued a notice that the company will be issued through private shares, raised 1.8 billion yuan to invest in 7 biomass power plant construction projects, but the plan was rejected by the authorities in June this year. Despite the expected issuance of the scheme failed to implement, but Kaidi electric power has not changed its determination to continue to invest in biomass power generation. This June 18, Kaidi electric Power Board said it will continue to promote the company to complete its own 9 biomass power plant projects investment, construction and operation.　　One months later, Kaidi Electric Power again issued a notice said to be 54.02 million yuan to buy Kaidi holding (direct and indirect) shareholding of the second batch of 11 biomass Power plant project company 100% Equity. A person close to kaidi electric power, said the issue of the 1 billion corporate bonds raised funds are mainly used in Hunan power plant construction, "Kaidi electric power will also issue 1.2 billion yuan medium-term bills, the program has been approved by the company's shareholders meeting." "Data show that up to now, Kaidi holdings in the construction and preparation of biomass power plant project has reached 110. "According to industry experience, every wild material power plant upfront construction needs not less than 200 million funds, otherwise even normal operation will not guarantee," China Electric Power Research Institute, an electric engineer said.　　According to this calculation, Kaidi power plants need at least more than 20 billion yuan of follow-up funds, which is clearly the capital chain of enterprises is a huge challenge. The industry's outlook is still unclear. It is understood that Kaidi power prior to the Directional additional financing scheme was no, the main reason is "the company to raise funds incarnated material Power Plant project is not optimistic."　　"The reason for not being bullish is that it is too expensive and difficult to control." "Biomass fuel generation is a new energy source, but it is much less calorific than coal, generating relatively small, generating costs very high, which makes it less competitive than other power generation companies." "In addition, crop fuels, such as straws needed for biomass power generation, are dispersed, with the necessary transport and human costs, plusThe cost of work is very large. Xu Ying, a power industry analyst who has been concerned about biomass power generation, says he is optimistic about the biomass power industry. Xu Yingzhen that after several years of development, the domestic biomass power generation enterprises have been basically explored in line with the local practice of mature technical methods and models, greatly enhance the power generation efficiency, "and, at the end of July this year, the National Development and Reform Commission has just issued a notice, Biomass power generation enterprises to increase the price of electricity to 0.75 yuan per kilowatt hour, this is certainly good for kaidi power. Brokers analysts expressed another concern: the government to increase the price of biomass power generation, the local will be together to invest in the industry, it is difficult to avoid investment overheating, unreasonable layout, duplication of construction, waste of resources and low efficiency and so on. Biomass power plant profits are still being swallowed up by increasing the number of hours of power generation, using higher acquisition prices to grab fuel and pushing up fuel prices.　　It will be a vicious circle. These concerns are justified. In the first half of this year, the National Development and Reform Commission formed a joint research group to investigate the biomass power generation projects in four provinces, resulting in the total loss of 8 biomass power projects. Kaidi Electric Power in its 2009 annual report also admitted: "The acquisition of 9 biomass power plants have more or less losses, and when it can not be determined to profit." ”