Recently, PCG Power announced the successful completion of its CNY 500 million Series A financing round. This round of financing is the first external financing for PCG Power.
PCG Power (Chinese: 保碧新能源), an integrated energy management service provider jointly incubated by Poly Capital （Chinese: 保利资本) and Country Garden Ventures (Chinese: 碧桂园创投), announced the successful completion of its CNY 500 million (USD 72 million) Series A financing round. This round of financing is the first external financing for PCG Power.
The investors are strategic investors and industrial capital, including Huamei International (Chinese: 华美国际), NIO Capital (Chinese: 蔚来资本), Eastern bell Capital (Chinese: 钟鼎资本), Rocket Capital (Chinese: 星航资本), several listed companies in the solar PV industry chain, etc. Poly Capital and PCG Fund (Chinese: 保碧基金), a subsidiary of Country Garden Ventures continued to follow the investment as the founding shareholders.
PCG Power stated that its goal is to become the largest comprehensive energy management service provider for parks and communities in China. Most of the funds from this round of financing will be used for the development and construction of high-quality industrial and commercial distributed projects reserved in the previous period.
Combined with actual business planning, PCG Power has set a three-year target for a new installed capacity of more than 5GW. At the same time, the team also strives to build 8-10GW of high-quality assets in a short period of time, and expand distributed photovoltaics, energy storage, charging piles, energy management and carbon management businesses.
In the future, PCG Power will also create a more economical, flexible and intelligent energy supply model. With the advantage of its own industrial resources, PCG Power will gradually build a model for the future-oriented integrated energy supply and service model of solar-storage-direct-software.