SDIC Power Holdings

What SDIC Power Holdings does

SDIC Power Holdings Co., Ltd. (国投电力控股股份有限公司) is a Beijing-headquartered Chinese power generation company controlled by State Development & Investment Corporation (SDIC), one of China's central state-owned investment holding companies. The company is dually listed on the Shanghai Stock Exchange (ticker 600886) and the London Stock Exchange via Global Depositary Receipts (SDIC). It operates a diversified generation portfolio spanning hydropower, thermal, wind, solar, and energy storage, with 44.6347 GW of installed capacity at end-2024 and a clean energy share of 70.42%. Its flagship asset base is the Yalong River cascade in Sichuan, designated as a national strategic clean energy base under the "Two Bases One Key" framework.

The company's revenue model rests on long-term offtake arrangements with State Grid Corporation of China and provincial grid companies, governed by regulated on-grid tariffs plus renewable subsidies and CfD-equivalent mechanisms; international operations (UK InchCape offshore wind, Indonesia Batang Toru, Thailand Changguan) add a smaller but growing cross-border layer. SDIC Power is increasingly differentiating its technology stack through digital twin deployment across hydropower assets, AI-driven dispatch and weather forecasting, and a joint innovation center with Huawei. The most strategically novel initiative is the Lianghekou Computing-Power Integration Project, which leverages reservoir cooling capacity at hydropower sites to host AI data center workloads under China's national "Eastern Data Western Compute" policy, repositioning legacy hydro assets as digital infrastructure.

FY2024 financials disclosed operating revenue of RMB 57.819 billion, total profit of RMB 15.706 billion, and total assets of RMB 296.537 billion, with average daily market capitalization of RMB 118.387 billion. Growth is funded through a mix of central SOE financing channels, policy bank debt, and capital market instruments — most recently a RMB 7 billion private placement to the National Social Security Fund in March 2025. The company holds a 9-year A-grade credit rating and is positioned as the principal state-mandated vehicle for the multi-decade Yalong River buildout targeting 78 GW of additional clean energy capacity.

Name

SDIC Power Holdings

Legal name

SDIC Power Holdings Co., Ltd. (国投电力控股股份有限公司)

Website

https://sdicpower.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

SDIC Power Holdings is a Beijing-based Chinese power generator controlled by central SOE SDIC, operating 44.6 GW of diversified generation capacity (70%+ clean energy) across hydropower, thermal, wind, solar, and storage, primarily serving State Grid and provincial utilities in China with growing Southeast Asia and UK exposure.

Ownership category

akta.pro rank

Product category

Clean Energy Power Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation (22111)

SIC

Electric Services (4911)

akta.pro primary industry

Utility-Scale Power Generation Asset Management (EUAEAMAA)

akta.pro secondary industries

Electrical Systems O&M (Substations, Transformers, Switchgear, Protection & Controls) (EUAMAGAH), Commercial Structuring & Offtake (PPAs, CfDs, Corporate PPAs, Merchant Strategy) (EUAMAAAE)

Keywords

• Hydropower generation
• Thermal power generation
• Clean energy investment
• Renewable energy operations
• Power grid offtake

Headquarters

HQ city

Beijing

HQ country

China

HQ region

Asia

Offices10 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Electricity Generation & Sales: Core revenue from selling electricity generated by hydropower, thermal power, wind, solar, and energy storage assets to State Grid and provincial grids across 24 Chinese provinces plus 5 overseas countries; 2024 operating revenue of RMB 57.819 billion; capacity-based tariff and market-based pricing for competitive portions.
2. Related-Party Financial Services & Deposits: Daily deposit balances up to RMB 18 billion with SDIC Finance and RMB 5 billion with Rongshi International; loan facilities up to RMB 38 billion from controlling shareholder SDIC and subsidiaries; intercompany capital management transactions with parent group.
3. Green Electricity Trading & Sales Brokerage: Cross-province green electricity trading by SDIC Gansu Power Sales with Zhejiang Energy Group, Zhejiang Datang, and Alibaba; executed first 200 MWh Gansu-to-Zhejiang green power transaction; provides green power consumption certification.
4. Waste-to-Energy & Overseas Power Generation (Thailand): Investment income from Thai subsidiaries including Changguan (Thailand), Xinyuan Bangkok, operating Bangkok Nongkhaem 500 TPD waste-to-energy plant with 9.8 MW turbine; 25% stake in Beatrice UK offshore wind, 100% InchCape, 100% Amber onshore wind through UK Red Rock Renewables platform.
5. Strategic Equity Capital Raise: RMB 7 billion (USD 1 billion) private placement to National Social Security Fund as strategic investor for Yalong River Mengdiqu and Kala hydropower projects; A-share market's largest hydropower refinancing transaction.

Pricing tiers

Go-to-market motion2 records

Distribution channels9 records

Marketing channels8 records

Core offering

SDIC Power Holdings invests in, develops, constructs, and operates integrated electric power generation assets — primarily hydropower, thermal (ultra-supercritical coal), wind, solar, and energy storage — across 24 Chinese provinces and 5 overseas countries. Its flagship project is the Yalong River Basin Water-Wind-Solar-Storage-Hydrogen-Computing Integrated Base, one of China's nine national clean energy bases, with cascade hydropower stations, pumped storage, wind/solar farms, and a rock-cave smart computing center for green AI workloads. Electricity is sold primarily to State Grid and provincial grids under long-term offtake agreements, with cross-province green power trading services to large industrial offtakers such as Alibaba.

Differentiator

Problem solved

Functional benefit

Brands

• SDIC Yalong River (国投雅砻江): Hydropower and integrated hydro-wind-solar-storage base on the Yalong River Basin, operated via subsidiary Yalong River Hydropower Development Co., Ltd.
• SDIC Xiaoxia (国投小三峡)
• SDIC Dachaoshan (国投大朝山)
• SDIC Beijiang (国投北疆)
• SDIC Qinzhou Power (国投钦州发电)
• SDIC Qinzhou No.2 Power (国投钦州二电)
• Huaxia Power (华夏电力)
• SDIC Panjiang (国投盘江)
• SDIC Yunnan New Energy (国投云南新能源)
• SDIC Guangxi New Energy (国投广西新能源)
• SDIC Xinjiang New Energy (国投新疆新能源)

Products and services

• Hydropower Generation Hydropower generation from cascade stations on the Yalong River (Lianghekou, Jinping I/II, Ertan, Guandi, Tongzilin, Yangfanggou), Lancang River (Dachaoshan), and Yellow River (Daxia) — supplying State Grid and provincial grids under long-term offtake agreements.
• Thermal Power Generation Ultra-supercritical coal-fired generation including the 4×1000MW SDIC Beijiang (Tianjin) plant with integrated seawater desalination, 2×1000MW SDIC Qinzhou Phase II in Guangxi (660MW units with flexible reheat regulation to 30% load), SDIC Meizhouwan (Fujian), Huaxia Power (Xiamen), and SDIC Panjiang (Guizhou with CFB coal-sludge co-firing). Sells power, heat, and desalinated water to Beijing-Tianjin-Tangshan and other load centers.
• Wind, Solar & Energy Storage Generation Integrated new energy assets across 24+ Chinese provinces including the world's largest hydro-PV complementary station (Kola 1 GW + Suorong 1 GW + Chabulang 1 GW combined with Lianghekou 3 GW hydropower), Guotou Aksai Huidong 750MW CSP+PV project in Gansu, Laba Mountain wind farm, and 100MWh-class string-type grid-forming storage co-developed with Huawei.
• Overseas Wind Power Generation UK offshore and onshore wind generation through Red Rock Renewables platform (Edinburgh), including 25% of Beatrice 588 MW offshore wind, 100% of InchCape 1.08 GW offshore wind (with ESB as strategic partner), and 100% of Amber onshore wind, all under UK Contracts for Difference.
• Waste-to-Energy Generation Waste-to-energy generation in Thailand through subsidiaries Changguan (Thailand), Xinyuan (Thailand), and Xinyuan Bangkok, including the 500 TPD Nongkhaem plant with 9.8 MW turbine feeding the Bangkok metropolitan grid via MEA partnership.
• Cross-Province Green Electricity Trading Services Green electricity brokerage and trading services delivered by SDIC Gansu Power Sales, providing physically-traceable renewable energy and green power consumption certification to industrial offtakers such as Alibaba across provincial borders.
• Indonesia Hydropower Generation (Batang Toru) Hydropower generation from the 510 MW Batang Toru project in North Sumatra, Indonesia, developed through PT North Sumatra Hydro Energy (controlled by SDIC Power Holdings) with PowerChina as EPC contractor.
• Green Computing-Power Integration Services Carbon-free AI compute capacity delivered by the Lianghekou Computing-Power Integration Demonstration Project (6 computing pods, 600 PFLOPS peak, 2,000 domestic chips, PUE ≤ 1.2) co-built with China Telecom Sichuan, serving research institutions such as LHAASO cosmic ray observatory and 'East-to-West Computing' initiatives.

Quantifiable outcome

• 70.42% clean energy share of installed capacity by end-2024 (up from 69.31% in 2023)
• +11 more outcomes

Named customers5 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability7 records

Feature9 records

Partnerships

19 partnerships are on record, tiered minor, flagship and core.

• Beijing Tian Yuan Law FirmminorImplementation/ SI/ Consulting Partner · 15 June 2026Beijing Tian Yuan Law Firm serves as legal counsel confirming SDIC Power's 2025 Annual General Meeting proceedings' compliance with Chinese corporate law. Witnessed shareholder approval of 2025 profit distribution plan (99.96% approval), board's work report, annual financial report, 2026 business plan, Red Rock Power financial support to ICOHL, and director/supervisor remuneration revisions. 841 shareholders and representatives holding 5.78 billion shares (72.24% of voting shares) attended.
• Private Chinese Enterprises (Yagen 2 Hydropower JV Open Invitation)flagshipStrategic or Co-development Partner · 26 January 2026Yalong River Hydropower Development Co. (SDIC Power 52% + Sichuan Investment Energy 48%) launched open invitation for private Chinese enterprises to take ≥10% equity stake in Yagen 2 Hydropower Project JV. Project: 2.4 GW hydropower, RMB 33.33 billion total investment, planned 2026 NDRC approval. JV registered capital estimated RMB 6.7 billion with first RMB 500 million cash within 6 months of registration. Selection via SDIC Group e-Procurement Platform in February 2026.
• China Telecom Sichuan BranchflagshipStrategic or Co-development Partner · 19 December 2025Co-built the Lianghekou Computing-Power Integration Demonstration Project with total investment of ~RMB 350 million. Includes 6 computing pods delivering 600 PFLOPS peak compute using 2,000 domestic compute chips. Project is China's first high-altitude rock-cave smart computing center with PUE ≤ 1.2. China Telecom's 'Xirang' (息壤) intelligent scheduling platform distributes compute to research institutions including LHAASO cosmic ray observatory. Marked first 'East-to-West Computing' project at Yalong River.
• State Development & Investment Corp. (SDIC) / Group SDICflagshipStrategic or Co-development Partner · 4 March 2025SDIC Power is the listed power-generation investment platform of central SOE State Development & Investment Corp. (SDIC). Related-party transaction framework covers up to RMB 18 billion daily deposits with SDIC Finance, RMB 5 billion with Rongshi International, and RMB 38 billion in loan limits from SDIC and its subsidiaries. SDIC provides governance, capital, and strategic oversight; SDIC Power executes the group's power sector investment strategy.
• Harbin Turbine Co., Ltd. (哈尔滨汽轮机厂)coreTechnology or Integration · 6 January 2025Joint R&D with Shandong Electric Power Engineering Consulting Institute and SDIC Qinzhou Phase II Power on '660MW Ultra-Supercritical Coal-Fired Unit Reheat Flexible Regulation Extraction Key Technology Research and Application'. First 660MW-class reheat flexible regulation valve with automated pressure adjustment system enables deep peak regulation down to 30% load. Won 2025 China Electric Power Construction Science & Technology Progress First Prize.
• Huawei TechnologiesflagshipTechnology or Integration · 31 December 2024Joint Innovation Center partnership developing 100MWh-class smart string-type grid-forming energy storage system at Kola Phase I PV Station; project selected for National Energy Administration 4th Batch First-Set Major Technical Equipment. Huawei also co-developed the Kola Smart O&M Cockpit digital twin 3D control center, integrating smart tracking brackets with AI angle optimization (adds ~10% generation), smart diagnostics, and IV curve analysis. Average fault response improved >90%.
• Dongfang Electric Wind Power Co., Ltd. (东方电气风电)coreTechnology or Integration · 1 June 2024Partnership with Yalong River Company to build new-generation full-life-cycle digital intelligent high-altitude mountain wind farm at Laba Mountain Wind Power Project. Focus on wind turbine equipment intelligence for increased power generation, reduced failures, and improved efficiency through cloud-edge collaborative control systems. Multi-dimensional unit health assessment enables preventive maintenance.
• Shanghai Stock Exchange (SSE)minorGTM or Marketing Partner · 8 May 2024SDIC Power participated in SSE's 2023 Annual Report Main Board Clean-Low Carbon Listed Companies Collective Results Presentation - first-ever SSE ESG-theme week for clean-energy listed companies. Chairman Guo Xuyuan, Independent Directors Yu Yingmin, Xu Junli, Zhang Lizi, CFO Zhou Changxin, Board Secretary Gao Hai attended for investor dialogue on ESG management and clean energy development.
• Shanghai Jiao Tong UniversitycoreStrategic or Co-development Partner · 20 March 2023Yalong River Hydropower and Shanghai Jiao Tong University signed a strategic cooperation agreement covering deep-earth laboratories, sewage treatment, electronic information, clean energy development, and basic research collaboration. Witnessed by SDIC Director & President Wang Haibo and SJTU President Ding Kuiling (Chinese Academy of Sciences academician). Signed by Qi Ningchun (Yalong River Chairman) and Zhang Ansheng (SJTU Vice President).
• Zhejiang Energy Group & Zhejiang Datang Energy Sales & Alibaba GroupcoreGTM or Marketing Partner · 7 May 2022SDIC Gansu Power Sales partnered with Zhejiang Energy Group, Zhejiang Datang Energy Sales, and Alibaba Group to execute first cross-province Gansu-to-Zhejiang green electricity transaction of 2 million kWh. Leverages combined strengths to deliver renewable energy certificates to industrial customers, supports 'East-to-West' power transmission, and enables Alibaba and other corporate buyers to meet Scope 2 emissions reduction targets.
• Hejin Municipal Government (Shanxi Province)minorStrategic or Co-development Partner · 14 February 2022Investment cooperation agreement signed for 1.2 GW pumped storage project in Hejin City, Shanxi. Project listed in National Pumped Storage Medium- and Long-Term Development Plan (2021-2035) 14th Five-Year implementation library and as one of two Shanxi provincial 14th Five-Year pumped storage projects. Marks entry into Shanxi clean energy project development.
• Quanzhou County (Guangxi) & Anren County (Hunan) GovernmentsminorStrategic or Co-development Partner · 28 January 2022Investment development agreements signed for 2 GW pumped storage + 2.4 GW new energy in Quanzhou County, Guangxi, and 1.2 GW pumped storage in Anren County, Hunan. Same day SDIC Guizhou New Energy Co. registered to expand regional new energy footprint. Helps local governments achieve 'dual carbon' goals and clean energy transition.
• PowerChinacoreImplementation/ SI/ Consulting Partner · 21 September 2021PowerChina serves as the engineering, procurement, and construction contractor for the 510 MW Batang Toru hydropower project in North Sumatra, Indonesia, where SDIC Power Holdings is the controlling investor through PT North Sumatra Hydro Energy. The project is part of expanding Chinese state-owned involvement in Southeast Asian hydropower since Xi Jinping's 2021 commitment to halt overseas coal financing. Indonesian President Prabowo revoked forest-use permits for 28 companies including this project owner following late-2025 floods.
• Metropolitan Electricity Authority (MEA) of BangkokflagshipChannel Partner/ Reseller/ Distributor · 22 March 2021SDIC Power's Thai subsidiary Xinyuan (Thailand) signed Cooperation MOU with MEA (Thai Ministry of Interior SOE) for joint development of waste-to-energy and other renewable power generation businesses in Bangkok metropolitan area. 13-year partnership history dating to 2012 Nongkhaem waste-to-energy project. First collaboration between Chinese central SOE and Thai SOE in green environmental renewable energy investment.
• Beijing Normal UniversitycoreStrategic or Co-development Partner · 19 March 2021Yalong River Hydropower Development Co. (controlled by SDIC Power) and Beijing Normal University signed a strategic cooperation agreement to deepen cooperation in scientific research, technology transfer, talent cultivation, and 'industry-academia-research-application' integration. Witnessed by SDIC Chairman Bai Tao and BNU Party Secretary Cheng Jianping. Builds on the existing China Jinping Underground Laboratory research collaboration.
• ESB (Electricity Supply Board of Ireland)flagshipStrategic or Co-development Partner · 1 January 2020Strategic partnership for InchCape 1.08 GW offshore wind project located 14km off Angus coast in Scotland. SDIC Power holds 100% project equity through UK Red Rock Renewables platform (acquired 2016); ESB joined as strategic partner in 2020. Jointly won UK Government Contract for Difference (CFD) Allocation Round 4 in July 2022 - first Chinese enterprise to win UK CFD for offshore wind. Total project investment £2.5 billion (RMB 20 billion).
• Hainan Tianhui Energy & Xiamen Xinye GroupminorStrategic or Co-development Partner · 16 October 2019SDIC New Energy Investment signed Letter of Intent for Urban EV Charging Infrastructure Construction & Operation with Hainan Tianhui Energy and Xiamen Xinye Group in Haikou. Plans to establish joint venture for EV charging station projects in Hainan Province as part of 'Clean Energy Island' initiative.
• Hainan Tianhui Energy Co. & Xiamen Xinye GroupminorStrategic or Co-development Partner · 16 October 2019SDIC New Energy Investment, Hainan Tianhui Energy, and Xiamen Xinye Group signed Cooperation Intent for Urban EV Charging Infrastructure in Haikou, planning to establish a joint venture for EV charging station investment, construction, and operation in Hainan Province. Marks SDIC Power's formal entry into the EV charging/swap station industry.
• Tsinghua UniversityflagshipStrategic or Co-development Partner · 1 January 2010Co-built China Jinping Underground Laboratory (CJPL) located 2,400m underground in the Jinping Mountain Tunnel at Sichuan's Liangshan Prefecture. Phase I operational since 2010; Phase II since December 2023. Hosts 11 research teams in dark matter, neutrino, nuclear astrophysics, rock mechanics, deep-earth medicine, quantum computing. Provides RMB 30 million in National Natural Science Foundation Jinping Deep Earth Special funding; supports HKU Li Ka Shing Medical collaboration. National 'Two Bases One Key' platform.

Scale indicators15 records

Recent moves19 records

Expansion highlights7 records

Direct peers

• China Yangtze Power Co., Ltd. China's largest listed hydropower operator (Three Gorges Dam + affiliated cascade), also state-controlled; directly comparable to SDIC Power as a SOE-backed A-share hydro pure-play with similar grid offtake model and dividend-yielding profile.
• China Longyuan Power Group Corporation: China's largest wind power operator (HKEX 916), SOE-controlled under China Energy. Comparable as a state-affiliated renewable-focused IPP, though narrower (wind-dominant) than SDIC Power's diversified portfolio.
• Datang Renewable Power Co., Ltd. Wind and solar-focused subsidiary of China Datang Corp (HKEX 1798). Comparable as a Chinese state-owned renewable IPP operating under similar offtake and pricing frameworks.
• Verbund AG: Austria-listed European hydropower-dominated utility. Comparable for its cascade hydropower business, regulated European offtake, and renewable integration capabilities — though smaller and more European-focused.

Broad incumbents

• Huaneng Power International, Inc. One of China's largest IPPs (listed on SSE 600011 and HKEX 902), with a diversified coal + hydro + wind + solar portfolio and similar State Grid offtake model. Comparable in scale and customer base, but more thermal-weighted.
• Huadian Power International Co., Ltd. Large Chinese SOE-listed power generator (SSE 600027, HKEX 1071) with coal, gas, and renewable assets. Comparable as another centrally-administered SOE power platform with similar governance and offtake relationships.
• CGN Power Co., Ltd. China General Nuclear Power Corp's listed nuclear-and-renewable platform (HKEX 1816). Comparable as another central SOE clean-energy listing with regulated offtake and capacity-based pricing.
• Iberdrola, S.A. Global renewable-heavy utility with significant offshore wind and hydro. Comparable for its integrated clean-energy IPP model, regulated returns, and offshore wind execution track record (relevant to SDIC's InchCape ambitions).
• RWE AG: German integrated utility with major offshore wind (InchCape competitor in European markets) and renewables pivot. Comparable for its transition from coal-heavy to renewable-heavy IPP and UK/EU exposure relevant to SDIC Power's international ambitions.

Others

• Brookfield Renewable Partners L.P. Globally diversified renewable infrastructure fund owning hydro, wind, and solar assets. Comparable for hydro-and-storage asset ownership, dividend-oriented yield vehicle structure, and global renewable energy investment platform thesis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat8 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInsns.sseinfo.com/company.do?uid=886

Revenue estimate

Valuation estimate

Number of profiles

Profiles14 records

Subsidiaries13 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SDIC Power Holdings