Bicheng Energy: Multiple Rounds of Financing Attract Global Top-tier Capital to Explore the New Blue Ocean of Industrial and Commercial Distributed Photovoltaic Assets

In the wave of the global energy transition, the flow of capital is clearly marking the future. At the beginning of 2026, PCG Power, one of the leading domestic investment and operation companies for distributed clean energy power stations in the industrial and commercial sectors, announced a key breakthrough in its Series B financing. The financing, worth hundreds of millions of yuan, was co-led by Aramco Ventures, the global corporate venture capital arm of Saudi Aramco, and Eurazeo, a leading European investment group. Longi Green Energy and Yiyan Capital participated in the investment, and the old shareholder, Hedajinfu, an investment platform in Qiantang District, increased its investment. This is not only a vote of confidence from capital in a company but also a profound recognition from an international perspective of the "Chinese-style" innovative management model for energy assets.

An International All-star Team and a Chinese Answer

The shareholder list of PCG Power reads like a roster of the world's top capital and industrial giants. From GLP and Temasek in the early days to Aramco Ventures and Eurazeo newly introduced this time, and with continuous support from industry leaders like Longi Green Energy, the underlying logic is clear: They are not betting on a single power station project but on the ability to systematically solve the problem of unlocking the value of a vast amount of distributed energy assets in China and even globally.

Perhaps, in the eyes of overseas capital, PCG Power has presented a unique "Chinese answer." This answer reflects the professional depth that PCG Power has demonstrated in integrating and operating fragmented distributed clean energy assets. The asset management model that combines light and heavy assets transforms opaque physical assets into measurable, manageable, and ultimately securitizable financial assets, which in itself represents a profound digital and financial transformation in the energy industry.

The increased investment from international capital is not an isolated financial investment. Against the backdrop of the global green competition and China's construction of a new energy system, PCG Power's model is timely. On the one hand, it precisely aligns with China's macro strategy of guiding foreign investment into areas such as advanced technology and green and low-carbon industries. The entry of international industrial capital is a recognition of China's technological innovation and business model exploration in the new energy field and is conducive to further enhancing the global competitiveness of the entire industrial chain. On the other hand, it also deeply responds to the in-depth needs of the power market reform and the revitalization of existing assets. As the installed capacity of new energy reaches a new level, the market is gradually shifting from "incremental development" to "stock operation." How to transform a vast amount of scattered distributed photovoltaic assets into high-quality, efficient, safe, and tradable assets has become a national-level issue related to energy security and efficiency improvement.

Cracking the Stock Dilemma: From "Sunk Costs" to "Active Assets"

By the end of 2025, the cumulative grid-connected capacity nationwide had reached an astonishing figure, giving rise to a trillion-level market for existing assets. However, most of these assets are scattered on the rooftops of tens of thousands of industrial parks and face common pain points such as uneven operational efficiency, lagging technological transformation, narrow financing channels, and looming compliance risks. For many business owners, power stations are more like a "sunk cost" on the books rather than "active assets" that can be flexibly traded.

The core ability of PCG Power lies in cracking this dilemma. Different from the simple logic of "building power stations," PCG Power has established a closed-loop system of "funnel-style acquisition, standardized operation, and large-scale exit." The key behind this is the full-chain in-depth transformation ability in terms of "technology - compliance - business." The PCG Power team conducts a systematic diagnosis and upgrade of the acquired power stations, optimizing power generation efficiency, completing compliance procedures, and restructuring business terms. Ultimately, they transform scattered, non-standard, and silent assets into standard financial products with stable cash flows and clear ownership.

"We have successfully demonstrated that there is an opportunity for value reconstruction of distributed energy assets," said Chang Junyu, the vice president of PCG Power. It is this core ability to increase the value of assets that forms the core magnet for PCG Power's new energy assets to attract long-term capital. It is reported that the first phase of the merger and acquisition fund involving PCG Power has been subscribed by several insurance funds. The second phase has been established and is currently being raised, with the goal of acquiring high-quality existing assets with a capacity of gigawatts.

Building a Closed Loop: The Key Leap from Physical Power Stations to Financial Products

If it only stopped at improving operational efficiency, the story would not be exciting enough for international capital. The most imaginative part of PCG Power's model lies in the leap from physical assets to financial products.

At the end of 2025, the first inter-institutional REIT for distributed clean energy with PCG Power as the original equity holder was successfully established. The significance of this milestone is that it has opened up a clear and replicable standard exit channel for a huge market of existing assets. It's like building a highway for distributed photovoltaic assets to reach the public capital market. The merger and acquisition fund acquires, technologically transforms, and operates the assets. Finally, through REITs, the assets are securitized, and liquidity is released. The recovered funds can then be reinvested in a new round of asset integration, forming an ever - flowing capital cycle.

"This verifies the feasibility of our business closed loop of 'development - construction - operation - securitization - reinvestment,'" said a relevant person in charge of PCG Power. "In the future, we will continue to deepen this model and actively explore digital value - added services such as virtual power plants and power trading to maximize the value of every kilowatt - hour of electricity."

The Battle for the Future: Global Ecosystem and Energy Intelligence

PCG Power has clearly set its sights on a broader stage. Industry insiders believe that relying on the deep roots of Aramco Ventures in the Middle East and Eurazeo's global network, PCG Power's globalization process will be comprehensively accelerated. The goal is not only to export "Chinese capabilities" but also to integrate global resources and build a cross - regional green energy asset management ecosystem.

For business owners with industrial and commercial distributed photovoltaic assets, a clear signal of the times has arrived. The window period for asset revitalization and value reconstruction has opened. Those photovoltaic panels on the rooftops are no longer just energy - saving facilities but may become a "green gold mine" waiting to be professionally identified, finely polished, and have its value realized.

The story of PCG Power is a story of how to skillfully integrate the opportunities of the times, industrial pain points, capital logic, and professional technology. In the grand narrative of the global energy transition, it represents a practical and far - sighted solution from China. The "battle for value discovery" around existing assets has just begun.