EqualOcean has learned that recently, distributed photovoltaic provider Unisun-Energy（联盛新能源） announced the completion of its Series C financing. This funding round was led by the globally renowned Cathay Capital Private Equity（凯辉基金）, with follow-on investment from existing shareholder SourceCode Capital（源码资本）, who was the exclusive investor in the company's Series B financing.
The proceeds from this round of financing will be utilized for the development and construction of solar power stations, research and manufacturing of energy storage integration systems, and upgrades in intelligent operations and maintenance.
As a provider of distributed photovoltaics station construction services and environmentally friendly electricity, Unisun-Energy offers a comprehensive solution that includes both hardware products and software operations and maintenance services. It is the only company in China primarily engaged in distributed photovoltaic station construction as its core business and has entered the stage of industrial development.
Under the umbrella of Unisun-Energy, there are three main business segments: Liansheng Power, Yode Operations, and Aopu Energy Storage. These segments are primarily involved in activities such as investing in distributed solar power stations, asset operations and maintenance, and integration of energy storage systems. The business spans over 3,000 power stations across China, with a total operational capacity exceeding 10GW. The company's headquarters is located in Shanghai, China, and it has established offices in dozens of countries and regions worldwide, including Germany, India, Japan, the Netherlands, the United States, and Australia.
Distributed photovoltaic generation refers to the process of generating electricity near the user's premises for self-use and feeding excess electricity into the grid. After several years of ups and downs, China's distributed photovoltaic generation industry has received policy and market recognition since 2021 and has gradually become a crucial means for the country to achieve its dual carbon goals and transform its energy consumption towards low-carbon.
According to data from the China National Energy Administration, China's distributed photovoltaic installations reached 51.11 GW in 2022, marking a year-on-year growth of 207.9%. This has surpassed centralized solar power stations for two consecutive years. It is estimated that China's new distributed installations are expected to reach 60-70 GW in 2023. Moreover, there is a huge potential market as there are approximately 400 million KW of solar installations that can be accommodated on existing buildings in China, and around 40 million KW of solar installations can be added annually on newly constructed buildings, presenting a market space of CNY hundreds of billions and significant development potential.
From a global perspective, as forecasted by the International Energy Agency, solar photovoltaic power will represent 60% of the new capacity of renewable energy by 2025, with nearly half of the global solar PV capacity coming from distributed photovoltaic installations. The growth of distributed photovoltaic will primarily be driven by demand from commercial and industrial applications, indicating a vast market outlook.
Unisun-Energy had already begun its foray into the commercial and industrial distributed solar industry eight years ago. The company has been focused on developing a comprehensive energy service system encompassing development, investment, construction, energy storage, and operations and maintenance, tailored to the energy application scenarios of commercial and industrial enterprises. The funding from this current round will be allocated towards the development and construction of Unisun-Energy's solar power stations, research and manufacturing of energy storage integration systems, and advancements in intelligent operations and maintenance.