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• The analysis framework of a digital business model of PV fishery is constructed. • Multiple value propositions in the digital business model of PV fishery to create value for stakeholders. • The digital business model of PV fishery improves the operational efficiency of PV power generation. • The digital PV fishery increases the diversification of revenue sources of PV agricultural company. A business model that combines solar photovoltaic and fishery plays a role to expand distributed renewable energy and improve rural economy development. However, the business model of solar photovoltaic fishery is encountering growing difficulties with revenues decreasing due to changes of policy such as withdrawal of photovoltaic subsidies and land control. The spreading of digitization in photovoltaic industry and rural areas provides new opportunities for innovation of traditional solar photovoltaic fishery. This paper focuses on multiple value propositions to discuss a digital business model based of solar photovoltaic fishery on a case with a local Chinese photovoltaic agricultural company. The study results show that the digital business model of solar photovoltaic fishery improves the operational efficiency of solar photovoltaic power generation, economic benefits of aquaculture, and the diversification of revenue sources of solar photovoltaic agricultural company and leasing company. The transformation of business model from traditional solar photovoltaic power generation and fishery business to digital service platforms can not only accelerate expansion of distributed renewable energy and be potential deployed globally but also assist photovoltaic agricultural company to effectively respond to policy change. Finally, this paper proposes that supportive policy may focus on advocating system coupling to expedite the development of distributed renewable energies based on digital technology, and digital photovoltaic combined with rural energy market and financial, which will advance development of renewable energy electrification and promote rural economic growth. [ABSTRACT FROM AUTHOR]

The Chinese government identifies the renewable energy sector as a core strategic industry. Since 2009, China is the country with the highest annual investment into renewable energy, predominantly wind and solar photovoltaic projects. Due to rapid cost decline, industrial transformation, and policy support, the relative share of solar project investment is growing at a disproportionate rate. However, there is no systematic analysis of how efficiently these investments are allocated; or the underlying risk and return characteristics. Based on structured interviews with 69 market participants, this paper identifies severe cash-flow uncertainty, unreliable supply chains and a weak regulatory environment as most prominent risk factors that currently inhibit sustainable and demand-driven market development. Expanding on the interview results, this study discusses the origins of risk in China and how the institutional response to investment risk currently fails to address the core problems. [ABSTRACT FROM AUTHOR]