China distributed power specialist PCG raises $73m

Investors include Huamei International Investment Group, Nio Capital, Eastern Bell Capital, Rockets Capital, Shanghai Yiliansy, and several unnamed listed companies in the solar power industry. Fanzhuo Capital, which served as financial advisor for the round, also committed capital, according to a statement.

Starting in 2020, PCG was incubated by an industry fund established by Poly Capital and Country Garden Venture Capital, the property developers' investment units. It was formerly established last year and this is its first external funding. Poly Capital and Country Garden Venture Capital took part in the round.

PCG focuses on distributed solar power, primarily systems located on rooftops in residential areas and industrial parks. China Poly and Country Garden have extensive experience with such projects. The company is now led by Yue Jin, formerly CEO of Shanghai-listed Jinko Power.

PCG aims to become China's largest energy management service provider for industrial parks and residential communities. The goal is to install 5 gigawatts of photovoltaic power capacity within three years. The new capital will support project development.

New energy remains a popular investment target in China, with asset valuations increasing on the back of the country's objective to have carbon emissions peak in 2030 and achieve carbon neutrality by 2060.

While PCG focuses on the application and management side, other investors are concentrating on upstream manufacturing. For example, Yuze Semiconductor, a producer of single-crystal high-efficiency silicon wafers, raised a CNY 1.2bn Series B round in January. Solar panel maker Astronergy closed a CNY 1.5bn Series B the same month.

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• Topics
• Greater China
• Early-stage
• Cleantech
• China
• Cleantech
• energy
• Nio Capital
• Eastern Bell Venture Capital
• renewable energy