In 2026, China's overall new solar photovoltaic installations experienced a significant slowdown in growth. According to data from the National Energy Administration, new PV installations from January to May totaled 59.59 GW, a drop of nearly 70% compared to the same period last year. While the pace of market development has notably decelerated, trading activity for existing solar power stations has remained relatively active.
Statistics from the Polaris Solar PV Network show that, as of the end of June, 23 solar power station transactions have been completed, involving a total capacity exceeding 3 GW and a transaction value surpassing 10 billion yuan. This is just the tip of the iceberg, as equity in new energy companies worth tens of billions of yuan is being listed for transfer on property rights exchanges across various regions.
Central Enterprises Accelerate 'Withdrawal'
The root of the dramatic shift in the current round of trading lies in the reversal of the role played by central enterprises. On one hand, most of their new installation targets have been met through self-construction, reducing the demand for large-scale acquisitions. On the other hand, the State-owned Assets Supervision and Administration Commission of the State Council continues to push central enterprises to divest non-core and non-advantageous businesses, as well as low-efficiency and ineffective assets. This has led some central enterprises to focus their new energy investments on core regions and core assets.
According to Polaris Solar PV Network statistics, since the beginning of 2026, central and state-owned enterprises have listed the equity of 62 new energy companies for transfer, with a total starting price exceeding 2 billion yuan. Over 30 of these involve a 100% equity transfer. The highest starting price was 307,929,120 yuan for Shanghai Electric Investment Suihe Equity Investment Fund Partnership (Limited Partnership) selling an 80% stake in Wuhan Lvxi New Energy Co., Ltd. Among the sellers, CNNC is the most active, having listed 10 new energy company equities without disclosing the starting prices. The Three Gorges Group and its investment companies have sold stakes in 9 new energy companies. Additionally, central enterprises like State Power Investment Corporation, State Grid, China Southern Power Grid, PowerChina, and China Energy Engineering Corporation all have listed projects. Most of the target companies are poorly managed and have suffered consecutive years of losses, meeting the criteria for divestiture of non-core and low-efficiency assets.
Most notably, a batch of '1 Yuan Transfer' transactions were observed. The transferors include Guohua Energy Co., Ltd., a subsidiary of the National Energy Group, and Changjiang Green Energy Investment (Shanghai) Co., Ltd., a subsidiary of the Three Gorges Group. The target companies are mostly in a state of loss or insolvency, with some never having actually started operations. For example, Guohua Green Power (Beijing) Energy Co., Ltd. reported a net loss of 962,900 yuan in 2025, with total liabilities of 26,434,300 yuan. These cases are not isolated. The common characteristics confirm that most of these 'underwater' assets are of poor quality, a stark contrast to the high-quality power stations worth tens of billions traded above the surface. This indicates that the market is undergoing a strict classification and value reassessment of solar assets.
However, objectively speaking, the integration of new energy assets by central enterprises is not a one-way 'exit' but a strategic adjustment of advancing and retreating to focus on core businesses. For instance, on June 26, China Longyuan Power Group Corporation planned to acquire a 49% stake in Guoneng Badain Jaran (Gansu) Energy Development Investment Co., Ltd. from the National Energy Group for 24,631,700 yuan. The target company is responsible for developing and operating the national Badain Jaran Desert 'Sand, Gobi, and Wasteland' large-scale wind and solar base project in Gansu, with a planned scale of 11 GW of wind and solar power plus 5.6 GWh of energy storage. This acquisition will further consolidate Longyuan Power's competitive advantage in the new energy power market.
Shifts in the 'Buyer' and 'Seller' Landscape
Solar power stations are capital-intensive assets with long capital recovery cycles. Selling mature power stations to recoup funds for continued rolling development of new projects is a common business model for distributed private enterprises. Major sellers include Trina Harmony, Chint Anneng, Ginlong Technologies, and Linyang New Energy. Trina Harmony sold residential solar power stations and related equipment in Guangdong, Jiangsu, Anhui, Tianjin, Hebei, and Zhejiang. Chint Anneng also sold its residential solar assets in Hunan and Hubei to China Development Bank Financial Leasing Co., Ltd. According to Chint Electric's first quarter 2026 financial report, Chint's residential solar power station installed capacity reached 24.96 GW, a significant increase from the same period last year, indicating that the rolling development model is still expanding.
Notably, central enterprises have themselves become important sellers. Among transactions with clearly disclosed scales, State Power Investment Corporation ranked third with 678.9 MW, trailing only Hangzhou Fengling Electric Power (710 MW) and Linyang New Energy (694 MW). This further confirms the role shift of central enterprises from 'acquirers' to 'sellers'.
The changes on the buyer side are equally profound. The main players in the previous wave were national-level power central enterprises like the 'Big Five and Six Small'. In this round, the buyers have shifted to provincial and municipal energy investment companies. Shanghai Energy purchased a 400 MW power station from Linyang New Energy for 2.071 billion yuan. China Water Affairs Xingye Energy acquired 100% equity in Guizhou Xingye Green Energy Technology Co., Ltd. for 600 million yuan, a company holding a 100 MW solar power station in Liupanshui, Guizhou. The 96 MW solar power station assets of Hangzhou Lingguang New Energy were also directed towards local energy investment entities.
At the same time, financial leasing institutions have entered the market on a large scale, becoming one of the core buyers. Overall, nine companies had transaction amounts exceeding 100 million yuan. The most notable buyer was China Development Bank Financial Leasing Co., Ltd. According to Polaris Solar PV Network statistics, as of 2026, CDB Leasing has invested a total of 4.991 billion yuan. This includes 3.646 billion yuan for acquiring residential solar power stations and equipment from Trina Harmony in Guangdong, Jiangsu, Anhui, and Hubei, and 1.345 billion yuan for acquiring residential solar power stations and equipment from Chint Anneng in Hunan, Hubei, Guangdong, Jiangsu, Zhejiang, and Tianjin.
It is understood that CDB Leasing's energy leasing business focuses on centralized wind and solar power, supplemented by distributed solar, energy storage, and hydropower. By the end of 2025, its total installed capacity of green energy power stations reached 20.3 GW, including 7.2 GW of wind, 11 GW of solar, 2 GW of hydropower, and 0.1 GW of solar thermal, with an installed capacity of new energy storage stations of about 9,000 MWh. In 2026, CDB Leasing has notably increased its focus on the residential distributed solar sector.
Overall, China's solar PV installation has passed its period of rapid expansion, and industry competition has shifted from 'fighting for incremental capacity' to 'optimizing existing stock'. Central enterprises have transformed from asset acquirers to sellers, local energy groups and financial leasing institutions have stepped in to take over, and private enterprises continue with rolling development. This fundamental shift in the landscape essentially represents a reallocation of solar assets by various types of capital in the era of stock optimization.
See below for detailed transaction information.
Source: Polaris Solar PV Network (Exclusive)
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