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Power trust project to be launched
By Sun Min (China Daily)
Updated: 2004-06-15 10:22

Beijing International Trust and Investment Co (BITIC) will launch a 300 million yuan (US$36.2 million) Trust trust project, company sources said yesterday.

It offers a new model for power financing and also a new profit resource for trust companies as the power industry is rallying on growing demand.

The trust project, open for public subscription next week, is expected to raise 300 million yuan (US$36.2 million) in funds for Sichuan Huanglong Power Co Ltd to exploit hydro-power resources and build power plants in the Aba Autonomous Prefecture, which is located at the northwestern plateau of Southwest China's Sichuan Province.

It carries terms of between one to three years, with estimated annual returns of 4.5 per cent to 5.5 per cent, BITIC sources said.

The minimum single purchase starts at 60,000 yuan (US$7,240).

The power company will put the revenue generated from its four hydro-power plants into a trust operated by BITIC, which will use the money to repay the principal for investors as well as their returns.

Two of the power plants have been in operation for years, and the other two will begin generating electricity in August and next year respectively.

It is also the first time for a trust project to use electricity fees to directly pay for the returns to investors in China. Normally in the past, such power projects were carried out through the arrangement of loans.

"The reason why we chose to design such a model of trust for the power company is that it can give a better guarantee for repayment," said Chen Hong, who is leading the design and marketing of the power trust project at BITIC.

The revenue of the four power plants should be stable with good cash flow, she said, adding that the power shortages in China will guarantee good business for the power plants.

Moreover, the cost of operating such hydro-power plants in Sichuan is comparatively cheap, given its geographic characteristics.

It is estimated that the demand for electricity will outpace the economic growth in China over the next two to three years. That has also increased the requirement for financing arrangements for power projects.

The sector has already become a new favourite among trust firms, which once chased after developing projects in the real estate boom.

Innovation is a major driving force for the trust industry, said Chen.

"We have to adjust our marketing strategy in a timely manner and closely watch economic trends," she said.

Insiders also said that the trust industry watchdog is trying to design new standards for innovation to ensure order in the sector as well as efficient risk control.

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