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For enterprises engaged in kitchen waste treatment, not only should they understand the characteristics of this market and the characteristics of the industry, but also have a deep understanding of the operating principles of the kitchen and kitchen processing PPP projects, and take advantage of the current PPP development opportunities to gain a leading position in the industry. Opportunity.
The kitchen waste treatment industry has problems such as large fluctuations in project income, imperfect laws and regulations, low market concentration, and relatively small disposal scale.
According to incomplete statistics, in 2013, the number of restaurants in 660 cities nationwide reached more than 3.5 million, and the output of kitchen waste was about 200,000 tons/day. Compared with the annual processing capacity of 11,600 tons/day, the daily processing rate was less than 6%. . Assume that at least two food waste demonstration cities or urban areas are established in each province, each of which has a disposal scale of 200 tons/day, calculated at an investment cost of 500,000 yuan/ton. The domestic kitchen waste treatment facility construction market scale exceeds 50 billion yuan. .
The reasonable disposal of kitchen waste is closely related to the life of the residents. It belongs to public utilities and is also the basis for urban economic and social development. Therefore, the kitchen waste treatment industry provides a public product that has both economic and social effects.
However, due to the lack of regulations and systems, the profit model of the kitchen waste treatment industry in China is still not mature. At this stage, the operating income of China's kitchen waste treatment facilities mainly comes from the sales revenue of resource-based products and the subsidies of local governments for the treatment of kitchen waste. However, due to the lack of large-scale operation of resource-based products, and the subsidy standards and enforcement efforts of local governments for kitchen waste treatment projects are different, the income of domestic kitchen waste treatment projects is highly volatile.
At present, China has not yet introduced a national-level kitchen garbage management method. The various methods and regulations promulgated by various localities are also in a state of “work and no work†due to lack of support from the upper-level law and lack of management experience. In addition, black interest chains such as waste oil and drowning pigs have had a certain impact on the normal recycling of kitchen waste, which makes it difficult to recycle kitchen waste.
At the same time, China's kitchen and kitchen processing industry is relatively scattered, the disposal scale of individual enterprises is relatively small, the number of enterprises specialized in kitchen and kitchen disposal is small, the whole domestic market is chaotic, and engineering operators and equipment manufacturers are mostly small and medium-sized enterprises.
Plaque Environmental Protection, a subsidiary of Lockerbie Water Group, was one of the first foreign-invested companies to enter the Chinese kitchen processing market, with a market share of 9%, ranking first. Shandong Shifang has a market share of 6% in the kitchen processing market. Followed by Qingdao Tianren, Jiabowen, Jiangsu Clean and Sander environment, and the processing capacity of these four companies is relatively close. In addition, Beijing Chinai, Beijing Electromechanical Institute and other enterprises have also formed branding in the treatment of kitchen waste, located in the third echelon.
Based on the current domestic kitchen waste disposal capacity of 11,600 tons / day, the total processing capacity of the top eight manufacturers is 5,210 tons / day, accounting for about 44% of the market share, the market concentration is still general.
The operation of kitchen and kitchen to deal with PPP projects should clarify the reasonable price and subsidy mechanism, emphasize the cooperation between government and enterprises, and do their best; the principle of mutual benefit and risk sharing.
Taking into account the public attributes of kitchen waste treatment, the lack of accumulation of processing technology and the lack of operational management experience, when operating the kitchen PPP project, clear reasonable price and subsidy mechanism, focus on technical verification and re-innovation, in the integration The principle of globalization is to carry out the preliminary planning and post-implementation of the project, and finally realize the reduction of the government's financial burden and operational risks, while ensuring the high efficiency of business operations and operating efficiency.
In the specific operation process, compared with the ordinary kitchen waste treatment project, the kitchen PPP project emphasizes the following principles:
First, the government and enterprises cooperate and do their best. In the preparation of the whole project and the social capital screening stage, the government plays a leading role. In the project implementation stage, the social capital won the bid will be built and operated according to the market operation method with the goal of improving efficiency.
Taking the BOO project of urban kitchen waste treatment in Suzhou as an example, since the new kitchen waste treatment plant requires a large amount of construction funds, the government's finances cannot be met, so the introduction of social capital and improved operational efficiency have become a realistic consideration for the government.
In this project, the relevant government departments are mainly responsible for the promotion and approval of the project in the early stage. Including the Municipal Construction Committee to participate in the site selection planning, application and demonstration of the project in the early stage; the Municipal Environmental Protection Bureau is responsible for approving the environmental impact assessment report of the project, and the environmental monitoring station monitors the sewage discharge. As a clean company of the social capital side of the project, it is specifically responsible for the construction of the project in the early stage and the operation of the project.
The second is multi-win. PPP is a very good project operation mode for kitchen waste disposal. It means that he can balance the win-win situation of government, enterprises and society. For the government, he can quickly improve the financing capacity of infrastructure and reduce the debt burden; enterprises can ensure the profitability of the project by cooperating with the government and using government administrative means and financial subsidies; the public will eventually get high efficiency. Service, environmental satisfaction is improved.
Taking Changzhou's kitchen waste disposal PPP project as an example, the use of capital and technical advantages as a social capital side of the company, the government has freed the government from the difficulties of low efficiency caused by low debt and low technical content. The government has provided a favorable backing support for the collection, transportation and disposal of kitchen wastes by issuing the “Measures for the Management of Kitchen Wastes in Changzhou City†and mobilizing the news media to ensure the smooth operation of the kitchen waste treatment plant. Operation.
The third is risk sharing. The operation of the PPP project is like a marriage. The cooperation between the government and the enterprise will last for more than a decade. However, no one can accurately predict the next 20 or 30 years. Therefore, the government and enterprises must establish risk sharing. The partnership of benefit sharing, the two sides fully communicate and calculate, and finally establish a reasonable project return, neither profiteering nor let the enterprise suffer.
For example, the city's urban kitchen waste treatment BOO project, for example, as a social capital clean company has faced insufficient food waste recycling, resulting in the production plant biodiesel production is difficult to maintain business operations. The government finally changed this situation through administrative means and reduced the risk of the company.
To implement a PPP project, participating companies may consider forming a consortium to complement each other to solve capital or technical problems; to make good use of multiple financing methods and rationally allocate project risks.
Because PPP projects have higher requirements for the comprehensive strength of social capital funds, technology, and talents, companies that specialize in kitchen processing and operation are often dominated by small and medium-sized enterprises that have certain professional skills but lack funds. Therefore, they are bidding for PPP. Projects are often at a disadvantage. For other social capital parties with strong financial strength but lack of technical and operational capabilities, due to insufficient professional competence, the project may be poorly operated.
Therefore, for the enterprises involved in the kitchen PPP project, it may be considered that the enterprises with strong financial strength and the enterprises with strong technical and operational capabilities form a consortium to bid and operate the project, or the third-party enterprise is entrusted by the winning bidder. Operation.
For enterprises participating in PPP, this way of forming a consortium can solve the problem of combining capital and technology and achieve the goal of dual development of technology introduction and management, thereby greatly improving the success rate of enterprises in bidding and operation of PPP projects. .
For companies, project financing is critical to the construction and operation of PPP. Similarly, for kitchens to deal with PPP projects, social capital should use and make good use of financing channels to reduce the relative financing costs through diversification of financing channels.
For example, the use of policy-based, development-oriented financial institutions to specifically target differentiated credit for PPP (franchise) projects, the introduction of industrial funds, the establishment of private equity funds, the introduction of strategic investors, the issuance of corporate bonds, project income bonds, non-financial corporate debt financing tools, And structured financing by the PPP Project Company (SPV) through the issuance of project income notes and asset-backed notes.
The fundamental purpose of the PPP project is to provide public services. Therefore, the correct allocation of government and corporate project risks is the basis for the successful implementation of the kitchen PPP project.
In general, the risk should be borne by the party most capable of managing the risk. The risks that companies cannot bear, such as political risks, regulatory risks, and force majeure risks, are borne by the government. Companies are often good at dealing with construction and operational risks, so they should be exposed to such risks. As a condition of taking on government risks, companies will receive corresponding returns, such as reasonable profits for taking risks.
In some kitchen PPP projects, the winning bidder may also assign the corresponding risks to banks, engineering companies, construction companies, operators and other project participants, and each project participant will be responsible for their own risks. Quote.
In short, for enterprises involved in the kitchen PPP project, it is necessary to negotiate the risk boundary with other project participants through negotiation and correctly allocate the project risks, in order to achieve the ultimate mutual benefit and win-win situation.
The writer is a researcher at the Environmental Protection Industry Research Institute of Jiangsu Province (Yixing).
Utilizing the BOT operation mode can effectively solve the problems of insufficient management mechanism and low operational efficiency.
The country's vigorous promotion of the PPP model has undoubtedly brought new hopes for the establishment of a sustainable development model for the kitchen waste treatment industry. In the past, the successful domestic kitchen and kitchen PPP project case also shows that if this operation mode is utilized in the kitchen waste treatment field, it can effectively solve the long-standing management mechanism and low operational efficiency in the domestic kitchen waste resource treatment. And other issues.