Bicheng Energy Secures Series C+ Funding from Zhonghai Fund and Others

Bicheng Energy (碧澄能源), also known as PCG Power, has raised a Series C+ funding round. The investment was led by Zhonghai Fund (中海基金), with participation from Yankuang Capital and Chengdu Communications Investment Group (成都交通投资集团). The funding amount was not disclosed.

About Bicheng Energy

Bicheng Energy 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), the company rebranded after Temasek became its largest strategic shareholder.

Bicheng Energy develops and operates solar and solar-plus-storage assets, with over 3GW built and nearly 2GW grid-connected, covering more than 100 Chinese cities. The company also has overseas business in Oceania, Southeast Asia, and the Middle East.

Its operations pair asset management with smart-electricity trading, carbon-asset management, and energy IoT in a develop-operate-securitize-reinvest capital loop. This includes China's first inter-institutional REITs for distributed clean energy, launched in December 2025.

Customers include GLP, Gree, Midea, and Geely. The company has been profitable since 2024.

Funding Purpose

The new funding will likely support Bicheng Energy's continued expansion in distributed clean energy and related services.