Bicheng Energy (碧澄能源, branded PCG Power; legally Hangzhou Bicheng Energy Development Co., Ltd.) is a Hangzhou-based investment and operation services company for commercial and industrial distributed clean energy power stations in China. Founded in 2022 as Baobi New Energy (保碧新能源) and rebranded after Temasek became its largest strategic shareholder, it develops and operates solar and solar-plus-storage assets — over 3GW built, nearly 2GW grid-connected, covering 100+ Chinese cities with overseas business in Oceania, Southeast Asia and the Middle East — and pairs asset operations with smart-electricity trading, carbon-asset management and energy IoT in a develop-operate-securitize-reinvest capital loop that includes China first inter-institutional REITs for distributed clean energy (December 2025). Its customers include GLP, Gree, Midea and Geely, and the company has been profitable since 2024.
1
Round
1
Industry
5
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Sep 2, 2026
Latest raise
Funding activity · 1 round
Sep 2, 2026
CNY -1
Series C+
Led by Zhonghai Fund (中海基金)
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