Chinese renewable energy news outlet reported that an event was held to celebrate the commencement of construction for a demonstration rooftop DG PV project at a factory site in Shanghai on September 28. The factory site belongs to a printing company named Jielong, and the project is being developed by a joint venture of Poly Capital and Country Garden. Apart from PV systems, the project also comprises energy storage systems and EV charging piles. The goal of the project is to intelligently use renewable generation assets and create a net-zero factory site. Furthermore, the project has the potential to serve as a solution for selling electricity to other end users.
Poly Capital and Country Garden are real estate developers. In May 2020, they jointly established a “real estate industry empowerment fund” that is set to be RMB 5 billion in scale. The fund has managed to raise about RMB 2 billion during this initial operating period. Moreover, Poly Capital and Country Garden have formed a joint venture for capturing business opportunities in the PV market. Renewable energy news outlets such as Guangfu BJX have stated that even though the joint venture is a new entrant, its capability is not to be underestimated. The joint venture will first focus on investing in DG PV projects and then eventually transform itself into a leading integrated energy management company within the Chinese market.
According to the joint venture’s own research, China’s real estate market currently offers around 46GW of potential installation capacity for DG PV projects. Together, Poly Capital and Country Garden aim to first capture at least 5GW of this total. Pang Bo, the head of the joint venture, said that his company has set the installation target of 8-10GW by 2026.
