NDRC Releases Updated REITs Industry Scope List, Including Wind and Solar Power Projects

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The National Development and Reform Commission (NDRC) has issued the "Infrastructure Real Estate Investment Trusts (REITs) Project Industry Scope List (2025 Edition)", expanding eligible sectors to include clean energy projects such as wind power, solar power, hydroelectricity, natural gas power generation, biomass power generation, and nuclear power.

The notice requires provincial development and reform commissions and central enterprises to prioritize quality projects with robust risk management for REITs applications. Other qualifying infrastructure includes energy storage facilities, clean and efficient coal-fired power (including cogeneration) projects meeting specific conditions, ultra-high voltage transmission projects, incremental distribution networks, microgrids, and charging infrastructure.

For coal-fired power projects to qualify, they must meet one or more of the following criteria: minimum generating capacity at or below 30% of rated load under pure condensing conditions; co-firing of biomass, hydrogen, ammonia or other low-carbon fuels accounting for at least 10% of heat input; or installation of large-scale carbon capture, utilization and storage (CCUS) equipment.

The NDRC emphasized that this expansion aims to revitalize existing assets and promote sustainable investment cycles through infrastructure REITs. The commission will periodically update the list based on evolving conditions to better support real economic development through REITs instruments.

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