China Renewable Energy Investment

What China Renewable Energy Investment does

China Renewable Energy Investment Limited (HKEX: 00987) is a Hong Kong-listed renewable energy operator and investor focused on wind power generation in mainland China. The company controls an operating portfolio of 8 wind farms totaling 734 MW plus a 4 MW distributed rooftop solar project in Nanxun, equating to 738 MW gross capacity and 427 MW on an equity-attributable basis, with assets spread across 6 mainland provinces. The group also retains a Hong Kong investment entity holding equity securities and other investments.

The business operates predominantly through joint venture arrangements with CECEP (China Energy Conservation and Environmental Protection Group), a central state-owned enterprise, which provides co-investment, development, and grid-access support. Revenue is generated by selling electricity generated from the wind and solar assets to state-owned provincial power grid companies under long-term power purchase agreements (PPAs) at regulated tariffs. The company is controlled by Hong Kong Construction (Holdings) Limited following its 2021 privatization, which has implications for capital allocation and strategic direction.

For FY2025, the company reported revenue of HK$172.2 million (approximately US$22.1 million), net profit of HK$19.5 million (up ~18% YoY), and power dispatch of 1,499.2 GWh (up 13.3% YoY). With a market capitalization of HK$340.8 million (as of January 2026) and a net cash position (net debt-to-equity of -12%), the company is a small-cap, dividend-paying, regulated-style renewable energy vehicle rather than a growth-stage developer.

Name

China Renewable Energy Investment

Legal name

中國再生能源投資有限公司 (China Renewable Energy Investment Limited)

Website

https://cre987.com

Company type

Public

Founded year

2002

Operating status

Operating

Headcount range

51–100 employees

Short description

China Renewable Energy Investment (HKEX: 00987) is a Hong Kong-listed renewable energy operator running 8 wind farms (734 MW) and a 4 MW distributed solar project across 6 mainland Chinese provinces, selling electricity under long-term PPAs to state-owned grids via CECEP joint ventures.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro industry

PRIMARYEUACAFAF

Wind Farm Ownership & Operations (IPP/Utility-Owned Asset Operations)

Energy, Utilities & Environment/Electric Power Generation/Wind Power Generation (Onshore & Offshore)

SECONDARYEUACAFAA

Onshore Wind Power Generation (Utility-Scale)

Energy, Utilities & Environment/Electric Power Generation/Wind Power Generation (Onshore & Offshore)

Keywords

• Wind power generation
• Solar energy generation
• Renewable energy operations
• Wind farm investment
• Clean energy generation

Headquarters

HQ city

Kowloon City

HQ country

Hong Kong SAR China

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D

Revenue model

1. Wind Farm Electricity Generation and Sales: Revenue generated from operating wind farms and selling electricity to the power grid. The company sells power dispatch to the grid under market-based power tariffs.
2. Distributed Solar Energy Sales: Revenue from distributed rooftop solar projects where electricity is self-consumed and excess is sold back to the grid.

Distribution channels1 record

Marketing channels2 records

Core offering

China Renewable Energy Investment operates and holds equity interests in eight wind farms (734 MW total capacity) across Heilongjiang, Inner Mongolia, Hebei, Henan, and Gansu provinces, plus a 4 MW distributed rooftop solar project in Zhejiang Province. The company generates and sells electricity to China's national power grid through long-term power purchase agreements, with most wind farm projects operated as joint ventures with state-owned CECEP.

Product overview

China Renewable Energy Investment is a Hong Kong-listed renewable energy company (stock code: 00987.HK) founded in 2002, operating as an investor and operator in China's renewable energy sector. The company operates a portfolio of eight wind farms totaling 734 MW capacity and one distributed solar project of 4 MW peak, with combined total capacity of 738 MW and equity capacity of 427 MW. The wind farm portfolio spans multiple provinces including Heilongjiang, Inner Mongolia, Hebei, Henan, and Gansu, while the solar project is located in Zhejiang Province. The company maintains strategic partnerships with China Energy Conservation and Environmental Protection Group (CECEP) for minority interest projects, focusing on generating shareholder returns through careful investment selection and operational efficiency.

Differentiator

Problem solved

Functional benefit

Products and services

• Wind Power Projects (Wind Farms) Portfolio of eight operating wind farms with 734 MW total capacity (423 MW equity capacity) across Heilongjiang, Inner Mongolia, Hebei, Henan, and Gansu provinces; includes Mudanjiang Phase I & II (59.5 MW), Siziwangqi Phase I & II (99 MW), Songxian (74 MW), Danjinghe (200 MW), Lvnaobao (100.5 MW), and Changma (201 MW); electricity sold to state-owned power grid under long-term power purchase agreements.
• Nanxun Distributed Solar Project A 4 MW peak distributed rooftop solar project at the Nanxun International Building Materials City in Zhejiang Province, owned by parent Hong Kong Construction; generates approximately 1,050 utilization hours annually with self-consumed electricity and excess fed to the grid.

Quantifiable outcome

• Power dispatch of 1,499.2 GWh in 2025 (+13.3% YoY)
• +2 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Two partnerships are on record, tiered core.

• China Energy Conservation and Environmental Protection Group (CECEP/中國節能環保集團公司)coreStrategic or Co-development PartnerCECEP is China's one of the most powerful state-owned renewable energy companies and serves as the joint venture partner for several of CRE's wind farm projects. The partnership includes minority interest projects such as Danjinghe (40% CRE, 60% CECEP), Lvnaobao (30% CRE, 70% CECEP), and Changma (40% CRE, 60% CECEP) wind farms.
• Hong Kong Construction (Holdings) Limited (香港建設（控股）有限公司)coreOthersHong Kong Construction is the controlling shareholder of China Renewable Energy Investment. The companies share common leadership with Eric Oei serving as Chairman and CEO of both entities, and various directors serving on boards of both companies.

Scale indicators7 records

Recent moves4 records

Expansion highlights3 records

Direct peers

• Concord New Energy Group Limited: Hong Kong-listed independent power producer focused on wind and solar power generation in China. Operates utility-scale wind farms via similar JV/co-development structures and sells to state-owned grids—very comparable small-cap profile to CRE.
• China Tianying Inc. (Jinneng Investment): Mainland-listed renewable energy company focused on wind power generation and equipment. Operates wind IPPs in northern Chinese provinces with similar merchant/grid-offtake revenue dynamics, although A-share listed.
• China Suntien Green Energy Corporation Limited: HKEX-listed renewables IPP with wind farms in Hebei and other northern Chinese provinces—the same regions where CRE operates Danjinghe, Lvnaobao, and Siziwangqi. Comparable wind-focused generation profile and grid offtake model.
• CECEP Wind-Power Corporation Co., Ltd. Subsidiary of CECEP—CRE's JV partner in Danjinghe, Lvnaobao, and Changma wind farms—and listed on HKEX (1258). Direct overlap in wind generation geography, JV economics, and state-owned counterparty exposure.
• Datang Renewable Power Co., Ltd. (formerly HKEX: 1798): Large state-affiliated wind power IPP; H-share was previously listed on HKEX. Operates gigawatt-scale wind portfolios in northern China—the same provinces as CRE—making it one of the closest direct comparables in geography and generation mix.
• China Longyuan Power Group Corporation Limited: China's largest pure-play onshore wind power IPP, listed on HKEX (0916). Operates a multi-gigawatt wind portfolio across China with long-term PPAs and direct grid sales—same business model, geography, and customer base as CRE, but at materially larger scale.
• CGN New Energy Holdings Co., Ltd. HKEX-listed renewable energy IPP affiliated with state-owned CGN, operating wind, solar, and gas-fired power projects across China and Korea. Comparable diversified renewable IPP model with grid sales focus.
• Beijing Jingneng Clean Energy Co., Limited: HKEX-listed state-affiliated clean energy IPP with wind, gas, and heat/power assets in northern China. Compares on diversified renewable IPP model with state-owned grid offtake and Beijing-based operations.

Broad incumbents

• Xinjiang Goldwind Science & Technology Co., Ltd. One of the world's largest wind turbine manufacturers with an integrated wind power generation business; listed on HKEX and SZSE. Comparable because Goldwind both manufactures the turbines CRE-like IPPs install and operates utility-scale wind farms in China.

Others

• Hong Kong Construction (Holdings) Limited: Controlling shareholder of CRE (parent company) with shared leadership and overlapping directors. Comparable as the consolidating parent in CRE's corporate structure but operates in real estate/construction rather than renewable energy generation.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/china-renewable-energy-investment-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds

Investors

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 China Renewable Energy Investment