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Largest Renewable Energy Public Companies in China
Benchmark revenue and EBITDA valuation multiples for public comps like
China Yangtze Power, Huadian New Energy Group, Huaneng Lancang River, TBEA and Datang International.
 | China Yangtze Power Co Ltd business activities include hydroelectric power generation, power distribution and sales, overseas power station's operation, management, consultation services, investment, and financing. It has also established its power distribution and sales platforms such as Three Gorges Water Conservancy and Peru LuzdelSur. The company owns the power generation assets of four hydropower plants on the mainstream of the Yangtze River, namely Three Gorges, Gezhouba, Xiluodu, and Xiangjiaba. | $4 | -6% | $100B | $142B | 11.1x | 13.6x | ||
| Huadian New Energy Group Corp Ltd is engaged in Development, investment and operation of new energy projects, mainly wind power generation and solar power generation. | $1 | -- | $38B | $86B | 14.9x | 17.7x | ||
| Huaneng Lancang River Hydropower Inc is engaged in the development and operation of the Lancang River and the surrounding areas of hydropower resources. The company is also engaged in the exploration of solar photovoltaic, wind power, shale gas, and other new energy construction. | $1 | +6% | $27B | $44B | 11.2x | 14.3x | ||
| TBEA Co Ltd is a China-based company that offers energy business solutions to service providers. The company distributes electric power transmission and transformation equipment. It provides solutions such as green technology, smart environmental protection, energy equipment for turnkey projects, and system solutions that range from surveying to design, construction, installation, and commissioning, as well as integration of training, operation, and maintenance. It also promotes the construction of green and efficient power grids. The company has a business presence in China and other countries. | $4 | +119% | $19B | $23B | 1.6x | 9.9x | ||
| Datang International Power Generation Co Ltd is one of five state-controlled independent power producers in China. The power generation businesses of the Company and its subsidiaries cover provinces, municipalities, and autonomous regions across the country, whereas the coal-fired power generators of the Company are centralized in the Beijing-Tianjin-Hebei and southeast coastal regions. The majority of the hydropower projects are located in the southwest region. Wind power and photovoltaic power projects are distributed across the country in areas with abundant resources. The operating segments of the group are the Power and heat generation segment and the Other segments. | $1 | +153% | $19B | $44B | 2.5x | 9.1x | ||
| China Three Gorges Renewables is one of China’s largest renewable energy producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants, and energy storage projects. CTGR has a total generation capacity of about 48.0 gigawatts as of the end of 2024. In particular, the firm is also one of the largest offshore wind farm operators in China, with 7.0 GW of installed capacity at the end of 2024, representing about 17% of China’s total capacity. Parent company, China Three Gorges, a state-owned enterprise, owns approximately 52.6% of CTGR’s issued shares as of the end of 2024. | $1 | +3% | $18B | $48B | 11.5x | 14.0x | ||
| Longyuan is China’s largest wind farm operator, with consolidated installed wind capacity of 30.4 gigawatts as of end-2024. It has wind farms spread across China, and has also expanded into other countries such as Canada and South Africa. Longyuan owns other renewable assets such as solar, geothermal, and tidal energy. The consolidated installed capacity mix is about 73.9% wind, 26.0% solar, and the remainder in other renewables. China Energy Investment, which was created through the merger of China Guodian Corporation and China Shenhua Group, is the major shareholder with a controlling stake of about 58.6%. | $2 | +20% | $17B | $36B | 8.1x | 10.5x | ||
| SDIC Power Holdings Co Ltd is engaged in investment and construction, management of energy projects based on electric power generation, development and operation of renewable energy projects, high technology and eco-friendly industries, development and operation of the products associated with electric power, as well as consultancy. The company mainly operates its businesses in the domestic and overseas markets. | $2 | -3% | $17B | $36B | 4.6x | 8.0x | ||
| LONGi Green Energy Technology is one of the largest integrated solar company in the world. It produced 106 gigawatts of solar silicon wafers and 70 GW of solar modules in 2024. Solar silicon wafer and solar module contributed 10% and 80% of revenue in 2024, respectively. LONGi’s products are sold in more than 150 countries and regions. | $2 | -10% | $15B | $13B | 1.2x | 51.5x | ||
| China Resources Power, or CR Power, is one of China’s largest independent power producers. The firm operates wind farms, photovoltaic power plants, hydroelectric power plants and thermal power (coal-fired and gas-fired) plants, which are situated mostly in eastern, central and southern China, with a total attributable operational generation capacity of about 72.4 gigawatts as of end-2024. Renewable energy accounts for about 47.2% of its capacity. China Resources Holdings, a key state-owned conglomerate, owns approximately 62.9% of CR Power’s shares outstanding. | $3 | +13% | $14B | $41B | 3.1x | 7.5x | ||
| GD Power Development Co Ltd is a China-based company engaged in electricity and heat production and sales; coal sales, power grid operation, development and application of new energy projects, high-tech, and environmental protection industries; information consulting; power technology development consulting and technical services, office buildings and venues Leasing (under the following branches) inspection and maintenance of power generation, transmission, and substation equipment; communication business; water treatment and sales. | $1 | +8% | $14B | $54B | 2.1x | 8.0x | ||
| Guangxi Guiguan Electric Power Co Ltd is engaged in the generation and distribution of electricity in China. | $2 | +86% | $13B | $17B | 10.9x | 15.7x | ||
| Goldwind Science & Technology Co Ltd manufactures, and markets wind turbines & other solutions. It has four segments. The wind turbine generator manufacturing & sale segment engages in research & development, manufacture & sale of wind turbine generators & spare parts; the wind power services segment provides wind power construction, post-warranty service & asset management services; the wind farm development segment engages in the development of wind farms, which includes wind power generation service provided by the Group’s wind farms & its sales; & the others segment mainly engages in the operation of water treatment plants under the service concession arrangements. Its key revenue is from Wind turbine generator manufacturing & sales. Geographically, the key revenue is from China. | $3 | +125% | $13B | $17B | 1.6x | 12.6x | ||
| Jinko Solar is the largest Chinese solar module manufacturer by global shipment in 2024. Jinko's products are distributed across nearly 200 countries and regions. The company operates a vertically integrated production process, spanning from solar wafer and cell manufacturing to module production. Jinko's N-type cell capacity is industry-leading in scale. | $1 | +9% | $8B | $10B | 1.0x | 26.1x | ||
| Shanghai Electric Power Co Ltd is a China-based energy company. It is engaged in the production and sale of electricity and thermal power. It is a modern energy company integrating high-parameter and large-capacity coal-fired power, gas-fired power, wind power, solar power, and distributed energy supply, and others. | $3 | +129% | $8B | $22B | 3.6x | 8.7x | ||
| CSI Solar is a leading Chinese solar module producer, ranking seventh by solar module shipments in 2024. The company's products are available in over 160 countries and regions. CSI operates a vertically integrated production process, encompassing solar wafers, cells, and module production. | $2 | +33% | $6B | $7B | 1.2x | 8.9x | ||
| Sunwoda Electronic Co Ltd is engaged in research and development, design, production, and sales of lithium-ion battery modules. The company's Li-ion battery product covers Li-ion batteries for mobile phones, digital cameras, laptops, netbooks, electronic paper books, power-driven tools, industrial mobile lighting, and medical equipment. | $3 | -- | $6B | $8B | 0.8x | 12.7x | ||
| Hubei Energy Group Co Ltd is an energy company in China. The companies business segments include hydropower, thermal power, nuclear power, new energy, natural gas, coal, and finance. | $1 | +17% | $5B | $11B | 4.3x | 9.2x | ||
| Trina Solar is one of the top four Chinese solar module producers. Trina's products are available in over 170 countries and regions. The company operates a vertically integrated production process, covering everything from solar wafers and cells to complete modules. | $2 | +1% | $5B | $8B | 0.8x | (161.5x) | ||
| Shanghai Aiko Solar Energy Co Ltd is engaged in research, manufacturing and sales of crystalline silicon solar cells. The company's products include C&I Scenario COMET Series, Residential Scenario NEOSTAR Series, Lightweight module AIR and Utility Scenario STELLAR Series. | $2 | -11% | $4B | $5B | 2.1x | 105.4x | ||
| Sany Heavy Energy Co Ltd is engaged in the research and development, manufacturing and sales of wind turbines. | $3 | -24% | $3B | $2B | 0.5x | 9.5x | ||
| Xinyi Solar Holdings Ltd is an investment holding company. Along with its subsidiaries, it is engaged in the production and sale of solar glass products and the development and operation of solar farms. The company's operating segments include sales of solar glass and solar farm business, which includes solar farm development and solar power generation. A majority of its revenue is generated from the sales of solar glass. Geographically, it derives maximum revenue from Mainland China, followed by other areas in Asia, North America and Europe, and other regions. | $0 | +5% | $3B | $4B | 1.4x | 6.5x | ||
| GCL System Integration Technology Co Ltd is an energy conglomerate specializing in clean and sustainable power production. The company offers a wide range of products for a variety of application environments, including modules of standard 60/72-piece, dual-glass, high-efficiency polysilicon PERC, and half-cell. It has a business footprint across 31 provinces, municipalities and autonomous regions of mainland China, Hong Kong, Taiwan, as well as Africa, North America, Southeast Asia and Europe. | $1 | -- | $3B | $3B | 1.4x | (87.9x) | ||
| Luenmei Quantum Co Ltd installs and provides services including heat power grids in Shenyang, Liaoning province, China. The company provides integrated energy solutions as well as smart operations and offers management services to address the needs of urban residents for heating and cooling and to meet the multi-energy requirements of industrial parks, huge urban public buildings, and others. | $1 | -- | $2B | $2B | 3.1x | 6.2x | ||
| Jiangsu Zongyi Co Ltd is a China-based supplier of solar photovoltaic (PV) system integration and the operator of PV power plant construction. The company has built and operated photovoltaic power plants in different countries such as the United States, Germany, Italy, Czech Republic, Bulgaria, and others. | $1 | -- | $1B | $1B | 14.4x | 22.7x | ||
| JinkoSolar Holding Co Ltd is engaged in the photovoltaic industry. The firm has built a vertically integrated solar power product value chain, manufacturing from silicon wafers to solar modules. It sells solar modules under the JinkoSolar brand. The company's products include Silicon wafers, Solar cells, and Solar modules. Its geographical segments are China (including Hong Kong and Taiwan), North America, Europe, Asia Pacific, and the Rest of the world. | $22 | +4% | $1B | $6B | 0.6x | 184.6x | ||
| Shanghai Huitong Energy Co Ltd is a large-scale enterprise engaged in the research and production of light industrial machinery. The company's main business includes wind power investment and operation, trade, property leasing and property management. | $4 | -- | $877M | $790M | 51.9x | 98.4x | ||
| SINOTECH Co Ltd is engaged in the research and development, production and sales of exhaust gas treatment catalysts, hydrogen fuel cell electrocatalysts, and other products. | $4 | -- | $441M | $549M | 2.1x | 295.4x | ||
| Skycorp Solar Group Ltd is a solar PV product provider principally engaged in the manufacture and sale of solar cables and solar connectors. It also has partnerships with multiple IC chip manufacturers and offers customers new and used GPU and HPC servers. Its business is carried out through its operating subsidiaries. The company operates in two operating segments: the business to manufacture and sell solar PV products and solar power system solutions service, the business to sell High Performance Computing products, and others. Key revenue is generated from Solar PV products. Geographically, key revenue is generated from Mainland China, followed by Asia other than mainland China, and Others. | $3 | +13% | $44M | $40M | 0.6x | (33.6x) | ||
| Median | $2 | +9% | $8B | $11B | 2.1x | 10.5x |
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