What Sunpower Group Limited does

Sunpower Group Limited (SGX: 5GD) is a China-focused clean energy services provider founded in 1997 and listed on the Singapore Exchange since 2005. The company operates across three integrated segments: (1) Green Investments (GI), which runs 11 centralized cogeneration projects under 25-30 year concessions supplying clean steam to industrial parks, civil heating to households, electricity to the State Grid, and compressed air to select parks; (2) EPC Integrated Solutions, delivering flare gas recovery systems, Zero Liquid Discharge (ZLD) wastewater treatment (one of only four such systems globally and the only one in China), photovoltaic power generation, and petrochemical engineering services; and (3) Environmental Equipment Manufacturing, producing heat exchangers, pressure vessels, and piping technology. The company's technology portfolio includes proprietary heat pipe systems (20 years of track record), long-distance insulated steam distribution pipelines capable of 20-30 km reach with minimal losses, and an exclusive Enterprise Framework Agreement with Shell for flare gas recovery (one of only three companies worldwide).

Sunpower generates revenue primarily through recurring concession-based income from its GI portfolio, with FY2025 GI recurring revenue of RMB3,242.3 million (~USD 450M), supplemented by project-based EPC contracts and equipment sales. Steam sales volume reached 12.13 million tons in FY2025, a 5.8% year-on-year increase. Major customers include Chinese state-owned enterprises (CHN Energy, SINOPEC, Shenhua, Hengli Petrochemical), large chemical/petrochemical groups (Wanhua, Zhejiang Petrochemical, Qinghai Damei), steel manufacturers (Chongqing Iron & Steel, ArcelorMittal, Hyundai Steel), and international clients (Hengyi Brunei). The company is increasingly integrating AI into its cogeneration operations to drive efficiency, with the Board positioning AI as a core enabler of operational excellence and capital efficiency.

The business is governed by long-term contracts with local governments and industrial parks in economically-developed Chinese regions, providing 25-30 year revenue visibility. Sunpower divested its Manufacturing and Services (M&S) business in 2021 to refocus on the recurring-revenue GI platform. The company was previously funded by CDH Investments (US$110M convertible bonds in 2016) and completed a S$99.6M convertible bond rights issue in March 2025 to support ongoing GI expansion and AI integration. Headquartered in Nanjing, Jiangsu, with operational management of industrial park utilities across China, Sunpower maintains a market capitalization of approximately S$447.7 million.

Name

Sunpower Group Limited

Legal name

Sunpower Group Ltd.

Website

https://sunpower.listedcompany.com

Company type

Public

Founded year

1997

Short description

Sunpower Group Limited (SGX: 5GD) operates 11 centralized cogeneration projects in China under 25-30 year concessions, supplying clean steam, electricity, civil heating, and compressed air to industrial parks, alongside EPC services for flare gas recovery, Zero Liquid Discharge systems, and petrochemical engineering.

Ownership category

akta.pro rank

Product category

Clean Energy and Cogeneration Services

NAICS

Steam and Air-Conditioning Supply (221330), Fossil Fuel Electric Power Generation (221112)

SIC

Cogeneration Services & Small Power Producers (4991), Steam & Air-Conditioning Supply (4961)

akta.pro primary industry

Thermal Power Plant EPC (Gas/Coal/Oil) (EUAEAAAA)

akta.pro secondary industries

Power Plant Retrofit, Life Extension & Environmental Controls EPC (FGD/SCR/ESP) (EUAEAAAO), Thermal Power Plant Modernization & Life Extension (Boiler/Turbine/Generator) (EUAEALAA)

Keywords

• Clean energy services
• Cogeneration projects
• Industrial steam supply
• EPC engineering services
• Environmental equipment manufacturing

Headquarters

HQ city

Nanjing

HQ country

China

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Green Investments (GI) Recurring Revenue: Recurring revenue from operating 11 centralized cogeneration projects that supply clean steam to industrial parks, provide civil heating to households, and sell electricity to the State Grid. Revenue is generated through long-term concessions (typically 30 years) and includes compressed air services. GI recurring revenue was RMB3,242.3 million in FY2025.
2. Steam and Electricity Sales: Core recurring revenue stream from selling steam and electricity generated by GI projects to industrial customers and the State Grid. Total steam sales volume reached 12.13 million tons in FY2025, a 5.8% year-on-year increase.
3. EPC Services for BOT/BOO Projects: Growth income from EPC (Engineering, Procurement, Construction) services for Build-Own-Operate/Build-Operate-Transfer projects. Also includes supply of energy-related solutions and products to domestic and international customers.
4. BOT/BOO/TOT Concession Revenue: Long-term concession-based income from operating centralized steam and power infrastructure under 25-30 year concession agreements with local governments and industrial parks.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Sunpower Group Limited operates centralized cogeneration projects under long-term BOT/BOO/TOT concessions (typically 30 years), supplying clean steam, electricity, civil heating, and compressed air to industrial parks and households in China. The company also delivers EPC integrated solutions in flare gas recovery, zero liquid discharge wastewater treatment, photovoltaic power generation, and petrochemical engineering, and manufactures environmental equipment including heat exchangers, pressure vessels, piping technology, and heat pipe products.

Product overview

Sunpower Group Limited operates as a green investment and clean energy services provider with three integrated business segments: (1) Green Investments (GI) - operating 11 centralized cogeneration projects (BOO/BOT/TOT) that supply clean steam to industrial parks, provide civil heating to households, sell electricity to the State Grid, and provide compressed air to certain industrial parks based on 30-year concessions; (2) EPC Integrated Solutions - providing flare gas recovery systems, Zero Liquid Discharge (ZLD) wastewater treatment systems, photovoltaic power generation, and petrochemical engineering services; and (3) Environmental Equipment Manufacturing - producing heat exchangers, pressure vessels, and piping technology systems. The company is transitioning from a traditional steam supplier to a technology-driven, AI-powered clean energy services provider.

Differentiator

Problem solved

Functional benefit

Products and services

• Green Investments (GI) Centralized Cogeneration Projects Investing in and operating 11 centralized cogeneration projects located in economically-developed regions or industry clusters in China, supplying clean steam to industrial parks, civil heating to households, electricity to the State Grid, and compressed air to certain industrial parks under typically 30-year concessions.
• EPC Integrated Solutions - Flare Gas Recovery Systems

Quantifiable outcome

• Total steam sales volume of 12.13 million tons in FY2025, up 5.8% YoY
• +5 more outcomes

Named customers20 records

Segments6 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability2 records

Feature5 records

Partnerships

15 partnerships are on record, tiered minor and core.

• Changshu Suyuan Thermal Power Co., Ltd.minorStrategic or Co-development Partner · 4 December 2025Acquired remaining 10% equity interest in Changshu Suyuan Thermal Power Co., Ltd. in December 2025, bringing ownership to 100%.
• Jining Xinneng Thermal Power Co., Ltd.minorStrategic or Co-development Partner · 4 December 2025Investment in 15% equity interest in Jining Xinneng Thermal Power Co., Ltd. in December 2025. Jining Xinneng is the exclusive steam supplier to a national key chemical industrial park in Shandong.
• Jining Energy Development GroupcoreStrategic or Co-development Partner · 31 July 2025Strategic collaboration agreement with Jining Energy Development Group in 2025. This partnership strengthened Sunpower's GI portfolio and enhanced long-term earnings visibility, creating a platform for future cooperation in clean, integrated, and AI-empowered energy solutions.
• Sanli GroupcoreStrategic or Co-development Partner · 12 January 2021Acquisition of thermal business of Sanli Group and 25-year exclusive right to supply steam to Sanli in January 2021. Sanli's Changrun project commenced supply of steam in May 2021.
• Sichuan YongxiangminorStrategic or Co-development Partner · 30 September 2020Strategic cooperation agreement with Sichuan Yongxiang announced September 2020 for clean energy solutions.
• Combustion Technology Joint Venture PartnersminorStrategic or Co-development Partner · 3 April 2020Incorporation of a combustion technology joint venture company in the People's Republic of China in April 2020.
• Shandong Yangguang Engineering Design InstituteminorStrategic or Co-development Partner · 27 September 2019Acquisition of Shandong Yangguang Engineering Design Institute in August 2017 to strengthen capabilities in the green investment business. Continued to increase equity interest.
• Jining Mining Industry GroupcoreStrategic or Co-development Partner · 13 August 2019Joint venture between Jiangsu Sunpower Clean Energy Co., Ltd. and Jining Mining Industry Group Co., Ltd. established August 2019 for clean energy investments.
• Hengtong GroupminorStrategic or Co-development Partner · 5 September 2018Completion of acquisition of Hengtong Group's 100% equity interest in Zhangjiagang Thermal Power Co., Ltd and 40% equity interest in Hengtong Electricity Sales Co., Ltd. in September 2018.
• Qingdao Xinyuan Thermal PowerminorStrategic or Co-development Partner · 10 November 2017Acquisition of Qingdao Xinyuan Thermal Power in November 2017 to expand green investment business.
• ShellcoreStrategic or Co-development PartnerEnterprise Framework Agreement with SHELL for flare gas systems - one of only three companies worldwide to hold such an agreement with Shell. Represents a significant competitive advantage for international expansion.
• BASFminorStrategic or Co-development PartnerLong-standing relationship with BASF including flare gas system EPC projects and support for Sunpower's development plan implementation.
• SINOPECcoreStrategic or Co-development PartnerKey partner with multiple contracts for equipment supply, flare systems, and water treatment EPC projects. Sunpower is recognized as one of Sinopec International's key partners for export.
• GCL (GCL-Poly)minorStrategic or Co-development PartnerEPC strategic cooperation agreement with GCL on photovoltaic power station. Core equipment supplied for photovoltaic silicon projects.
• Shanghai Leqian Engineering Technology Co., Ltd.minorStrategic or Co-development PartnerJoint venture between Sunpower Technology (Jiangsu) Co., Ltd. and Shanghai Leqian Engineering Technology Co., Ltd. established in 2016.

Scale indicators10 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Kunlun Energy: Hong Kong-listed subsidiary of CNPC and one of China's largest clean energy and natural gas operators with substantial cogeneration, distributed energy, and LNG operations. Directly comparable to Sunpower in operating centralized energy assets supplying industrial and residential customers under long-term arrangements.
• China Everbright Greentech: Hong Kong-listed environmental services platform with significant cogeneration, waste-to-energy, and integrated biomass/solar projects across China. Comparable business model combining operating concession assets with EPC capabilities and a focus on circular economy outcomes.
• China Tianying Inc. Shanghai- and Hong Kong-listed environmental operator with a portfolio of waste-to-energy cogeneration plants and environmental EPC services. Overlapping in operating energy-from-waste cogeneration assets under long-term concessions and providing integrated environmental equipment and engineering.
• Dynagreen Environmental Protection Group: Hong Kong-listed MSW-to-energy cogeneration operator with a network of waste-to-energy plants across China under BOT concessions. Closely comparable to Sunpower's model of building, owning, and operating distributed energy assets serving industrial/residential loads under long-term contracts.
• CITIC Envirotech (CEC): Singapore-listed environmental solutions provider (now part of CITIC Group) focused on water and wastewater treatment EPC, membrane technology, and integrated environmental equipment. Directly comparable to Sunpower's environmental EPC and equipment manufacturing segments; shares several directors and a Singapore-listed Chinese environmental focus.
• Canvest Environmental Protection Group: Hong Kong-listed MSW-to-energy cogeneration operator with BOT concession projects across China. Comparable operating business model (BOO/BOT energy assets under long-term contracts) and customer base in industrial parks and municipalities.

Broad incumbents

• ENN Energy Holdings: Hong Kong-listed major city-gas and clean energy distributor in China with a broader portfolio (gas distribution, smart energy, integrated energy) than Sunpower. Comparable in operating centralized energy supply to industrial and residential customers across China, but at materially greater scale and geographic diversity.
• Beijing Enterprises Water Group: Hong Kong-listed diversified environmental utilities group covering water, waste, and energy services. Overlaps with Sunpower in the environmental services and EPC space (water/wastewater treatment, integrated environmental equipment) and shares a similar SOE-linked project development model in China.

Emerging players

• Leader Environmental Technologies: Singapore-listed environmental services company operating in China's water and environmental equipment markets. Comparable as a smaller Singapore-listed Chinese environmental player with EPC/equipment offerings; shares a common independent director with Sunpower (Ngoo Lin Fong).
• H2G Green Limited: Singapore-listed clean energy company focused on hydrogen and decarbonization solutions. Comparable as a small Singapore-listed clean energy peer with China-linked operations; shares independent director Mak Yen-Chen Andrew with Sunpower.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries10 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 Sunpower Group Limited