The US Department of Energy’s National Renewable Energy Laboratory (NREL) has agreed to a partnership with the China PV Investment and Finance Alliance (CPVFA) in order to reach the objective of opening wide-scale and varied sources of investment in PV asset development in China.
The NREL will advise the CPVFA, due in part to the work of the NREL-organised Solar Access to Public Capital (SAPC) working group. This collaboration is part of the US-China Renewable Energy Partnership, set up by US President Barack Obama and the then Chinese President Hu Jintao back in 2009.
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Areas that the NREL will advise the CPVFA in include documentation standardisation, data availability and consistency in asset deployment and operations and maintenance.
Michael Mendelsohn, who leads the SAPC initiative, said: “The collaboration between the United States and China is very much a two-way street. Our counterparts in China will be able to provide unique insights on asset development and grid integration. They are also very motivated to open investment through pooled financial vehicles and reduced transaction costs-NREL and the SAPC working group, which shares similar goals-can offer expertise in this area.”
The CPVFA is organised by the Chinese Renewable Energy Industries Association (CREIA) with the assistance of The Energy Foundation, China's National Energy Administration, and the China Banking Regulatory Commission.
Megan Tang, vice secretary-general of CREIA and the secretary-general of CPVFA, said: “With the background that China is strongly pushing forward energy production and consumption reforms and deepening power system and financial market reforms, the launch of the CPVFA is of significant meaning.”
Tang continued: “The collaboration between China and the US and the cooperation between PV and finance industries will not only greatly accelerate the adoption and use of PV as an important means to reduce CO2 emissions, but also broaden the space for Chinese financial innovation. CPVFA will focus on formulating and improving standard evaluation and certification systems for the Chinese PV industry; expanding financing channels and financial products innovation; and establishing a dialogue and matchmaking mechanism between finance institutions and the PV industry to build a professional and efficient platform for investment and financing.”
