- Wind and solar power generation has no foreign-ownership cap; equipment manufacturing is fully open. The binding constraint is provincial planning and grid absorption, not nationality.
风电与光伏发电无外资股比上限，设备制造完全开放。真正约束在于省级规划与电网消纳，而非投资者国籍。- Document 136 (发改价格〔2025〕136号) ended the “guaranteed-offtake” era: from 2025, new wind/solar goes fully into the market, with a sustainable-price settlement mechanism smoothing the transition; 2026 is the first full year of “all-market + differential settlement.”
136号文（发改价格〔2025〕136号）终结”保障性收购”时代：2025年起新建风光全面入市，以可持续发展价格结算机制平滑过渡；2026年是”全量入市+差价结算”的首个完整年度。- The 2026 mechanism auction produced about 220 GW of bidding capacity; average on-grid prices fell, signalling a “revenue-downward and restructuring” period for developers.
2026年机制竞价申报装机约2.2亿千瓦；平均上网电价下行，标志开发商进入”收益下行与重构期”。- Green certificates (绿证) now have a full lifecycle rule (《实施细则》, effective 2026-01-07): one certificate per 1,000 kWh, tradable vs non-tradable classes, and coverage extended to non-public-grid projects.
绿证已有全生命周期细则（《实施细则》，2026-01-07施行）：每1000千瓦时1张，分可交易与不可交易，并扩展至非公共电网项目。- Multi-user green-power direct connection (发改能源〔2026〕688号) lets wind/solar supply several off-takers via dedicated lines with clear traceability — a route well suited to export-oriented and zero-carbon-park users.
多用户绿电直连（发改能源〔2026〕688号）允许风光通过专用线路向多个用户供电并清晰溯源——极适合出口型与零碳园区用户。- Foreign investors enter via a locally incorporated project company; the negative list does not restrict generation ownership, but grid assets/distribution networks are treated differently.
外资经由本地设立的项目公司进入；负面清单不限制发电所有权，但电网资产/配电网被区别对待。- Revenue must be modelled without feed-in subsidy — stack grid-parity power price, green-power trading, green certificates, and (where co-located) storage value.
收入须在毫无度电补贴下建模——叠加平价电价、绿电交易、绿证，以及（协同储能时）储能价值。
Wind and solar — foreign project approval and grid-connection policy | 风光发电：外资项目核准与并网政策
Overview
China operates the world’s largest renewable-energy system. For foreign investors, wind and solar are broadly open: generation has no foreign-ownership cap, and PV-module and wind-turbine manufacturing is fully open and globally competitive. The constraint that matters is not ownership but provincial planning and grid absorption.
The 2026 policy frame is defined by Document 136 (NDRC/NEA, Feb 2025), which moved new wind/solar from guaranteed offtake to full market participation with a settlement backstop, and by the 2026 green-certificate and green-direct-connection rules. This article outlines foreign-investor access, the new pricing era, and the practical approval/grid path. It is informational; confirm current detail with qualified PRC advisers.
Foreign-investor access
There is no foreign-ownership cap on renewable power generation. Foreign-funded enterprises may invest in wind, solar, biomass and hydropower on the same footing as domestic firms, typically through a locally incorporated project company. The NDRC and NEA set the planning and pricing framework; provincial authorities handle project filing/approval and grid-connection. Equipment manufacturing is fully open.
The foreign-investment negative list does not restrict generation ownership, so a wholly foreign-owned project company is permitted. The restrictions that remain are sectoral — certain grid assets, distribution-network ownership and power-grid operation are treated differently and are not the natural vehicle for a generation-focused entrant. This is why the practical structure is a project company that builds and operates generation assets but does not own the transmission backbone. Confirming the negative-list status early avoids designing a holding structure that later hits a sector cap.
The Document 136 pricing era
Document 136 (发改价格〔2025〕136号) is the pivotal 2026-relevant rule. Its logic: push wind/solar on-grid electricity fully into the power market, with prices formed by trading, while a “sustainable development price settlement mechanism” smooths the transition.
- Stock vs incremental projects. Projects commissioned before 1 June 2025 are “stock”: their mechanism electricity volume and price衔接 existing policy, mechanism price generally not above the local coal-benchmark tariff, for a defined period. Projects from 1 June 2025 are “incremental”: each year’s mechanism volume is set by the province based on non-hydro renewable absorption-weight completion and user affordability; the mechanism price is set by market-based bidding (lowest successful bid sets the clearing price, capped).
- Settlement. For electricity included in the mechanism, the grid settles the difference between the market average price and the mechanism price; the differential is pooled into local system-operation costs. Projects may voluntarily exit the mechanism.
- No forced storage. The document explicitly says configuring storage must not be made a前置 condition for new-project approval, grid-connection or on-grid.
The effect: the “guaranteed-offtake” era is over. Developers must model merchant risk. By 2026 the first mechanism auctions showed about 220 GW of bidding capacity (wind bid ~120 GW, won ~68.5 GW; solar bid ~100 GW, won ~65 GW); mechanism prices ranged roughly 0.15–0.4155 RMB/kWh by technology and province, with average on-grid prices down — a “revenue-downward and restructuring” period.
Green certificates and green-direct-connection
Two 2026 rules reshape revenue and traceability.
- Green certificates (绿证). The *Implementation Rules for Renewable Green-Power Certificate Management (Trial)*, effective 7 January 2026, build a full-lifecycle framework: one certificate per 1,000 kWh of renewable generation; tradable certificates for grid-fed and (from 2023-01-01) fully marketised conventional hydro on-grid electricity, non-tradable for self-use and off-grid; independent storage discharge is not certificated. NEA is also advancing green-certificate issuance for non-public-grid renewable projects (notice of June 2026), broadening coverage.
- Multi-user green-direct-connection (发改能源〔2026〕688号). This lets wind/solar/biomass supply several different legal-person off-takers via dedicated lines with clear power traceability and allocation, supporting nearby local consumption. It prioritises computing-power facilities, green hydrogen/ammonia/methanol and zero-carbon parks — a structure well suited to export-oriented manufacturers needing verified green power for CBAM/ESG reasons.
The approval and grid-connection path
Practically, a foreign developer:
- Incorporates a local project company (often in an FTZ) that holds the generation assets and signs grid-connection and power-purchase arrangements. Because generation has no ownership cap, this entity can be wholly foreign-owned.
- Confirms the provincial annual construction plan and a grid-absorption study. This is the real gate — not nationality. The provincial energy bureau’s plan and a grid study confirm the project fits within local distribution/grid capacity.
- Files/obtains approval. Centralised wind is subject to approval (核准制); centralised PV and most distributed PV are filed (备案制). The 2026 trend is “all-market” and “source-grid-load-storage integration” pilots, with provinces (e.g., Guizhou’s 2026 management measure) detailing planning, annual plans and approval/filing.
- Signs grid-connection and power-purchase contracts, modelling revenue without feed-in subsidy: stacking grid-parity price, green-power trading, green certificates, and co-located storage value.
- Explores green finance — green loans/bonds and settlement-receivable financing eligible under NDRC/NEA carbon-reduction instruments.
Common pitfalls
- Assuming a feed-in subsidy still exists. Major wind/solar has run grid-parity (no per-kWh subsidy) since 2021; revenue rests on market price, green certificates and trading.
- Treating ownership as the binding constraint. Provincial planning and grid absorption are the real gate; model them first.
- Ignoring the 136 settlement mechanism. New projects face merchant risk and mechanism bidding, not a fixed benchmark.
- Assuming storage is mandatory. Document 136 forbids making storage a前置 condition for approval/grid/on-grid.
- Overlooking green-certificate revenue and traceability. Certificates are a distinct, growing revenue and ESG stream.
What to do next
- Confirm the provincial plan and grid-absorption study before committing capital — planning, not ownership, is the binding constraint.
- Assume no feed-in subsidy; model revenue on market price, green-power trading and green certificates.
- Incorporate a local project company; foreign ownership of generation is permitted but the entity drives permits and grid connection.
- Track the 2026 mechanism auctions in your target province to benchmark clearing prices.
- Evaluate multi-user green-direct-connection if you serve export-oriented or zero-carbon-park off-takers.
- Explore green finance: green loans/bonds and subsidy-receivable financing for eligible projects.
Sources
- 国家发展改革委、国家能源局《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》（发改价格〔2025〕136号）：https://www.ndrc.gov.cn/xxgk/jd/jd/202502/t20250209_1396070.html
- 国家发展改革委 政策公开 《发改价格〔2025〕136号》全文：https://zfxxgk.ndrc.gov.cn/web/iteminfo.jsp?id=20482
- 国家能源局《关于有序推动多用户绿电直连发展有关事项的通知》（发改能源〔2026〕688号）：https://www.nea.gov.cn/20260520/9e1c4277ce324c8ab82a84da98da7980/c.html
- 国家能源局（NEA）门户网站 — 绿证、新能源项目建档立卡与并网：https://www.nea.gov.cn
Related reading
- 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
- 新型储能外资参与路径（149-storage-2026）
- 全国碳市场扩容对外资企业影响（148-carbon-market-2026）
风光发电：外资项目核准与并网政策
概述
中国拥有全球最大的可再生能源体系。对外国投资者，风电与光伏大体开放：发电无外资股比上限，光伏组件与风机设备制造完全开放且具全球竞争力。真正重要的约束不是所有权，而是省级规划与电网消纳。
2026年的政策框架由136号文（发改委/能源局，2025年2月）界定——它将新建风光由保障性收购推向全面市场化并辅以结算托底，以及2026年的绿证与绿电直连规则。本文勾勒外资准入、新电价时代与务实的核准/并网路径。本文仅为信息参考，具体细节请以合格中国顾问确认。
外资准入
可再生能源发电无外资股比上限。外资企业可与内资同等投资风电、光伏、生物质与水电，通常经由本地设立的项目公司。发改委与能源局设定规划与电价框架；省级部门负责项目核准/备案与并网。设备制造完全开放。
外商投资负面清单不限制发电所有权，故外商独资项目公司被允许。剩余限制具有行业性——部分电网资产、配电网所有权与电网运营被区别对待，并非以发电为核心的进入者之自然载体。正因如此，实务结构通常是设立建设并运营发电资产、但不持有输电主干的项目公司。尽早确认负面清单状态，可避免设计出后续遭遇行业股比上限的持股结构。
136号文电价时代
136号文（发改价格〔2025〕136号）是与2026密切相关的关键规则。其逻辑：推动风光上网电量全面进入电力市场、价格由交易形成，同时以”新能源可持续发展价格结算机制”平滑过渡。
- 存量与增量项目。 2025年6月1日前投产为”存量”：机制电量与价格衔接现有政策，机制电价一般不高于当地燃煤基准价，执行一定期限。2025年6月1日起为”增量”：每年机制电量由各省依非水可再生能源消纳权重完成与用户承受能力确定；机制电价由市场化竞价形成（最低入选项目报价为出清价，设上限）。
- 结算。 对纳入机制的电量，电网结算市场交易均价与机制电价的差额，差额纳入当地系统运行费用。项目可自愿退出机制。
- 不得强制配储。 文件明确，不得将配置储能作为新建新能源项目核准、并网、上网的前置条件。
影响：”保障性收购”时代结束。开发商须建模市场化风险。至2026年，首轮机制竞价申报装机约2.2亿千瓦（风电申报约1.2亿、中标6850万千瓦；光伏申报约1亿、中标6521万千瓦）；机制电价按技术与省份介于约0.15–0.4155元/千瓦时，平均上网电价下行——进入”收益下行与重构期”。
绿证与绿电直连
两项2026规则重塑收入与溯源。
- 绿证。 《可再生能源绿色电力证书管理实施细则（试行）》2026年1月7日施行，构建全生命周期框架：每1000千瓦时可再生发电量核发1张绿证；对上网电量及（2023-01-01起）完全市场化常规水电上网电量核发可交易绿证，自发自用与离网核发不可交易绿证；独立储能放电不核发。能源局2026年6月通知推进非公共电网可再生项目绿证核发，扩大覆盖面。
- 多用户绿电直连（发改能源〔2026〕688号）。 允许风电/光伏/生物质通过专用线路向多个不同法人用户供电，实现电量清晰溯源与分配，支撑就近消纳。优先支持算力设施、绿色氢氨醇与零碳园区——极适合因CBAM/ESG需要可验证绿电的出口型企业。
核准与并网路径
实务上，外资开发商：
- 设立本地项目公司（常在自贸片区），持有发电资产并签署并网与购售电安排。因发电无所有权上限，该实体可为外商独资。
- 确认省级年度建设计划与电网消纳研究。 这才是真正的门槛——而非国籍。省能源局计划与电网研究确认项目落在当地配电/电网容量之内。
- 核准/备案。 集中式风电实行核准制；集中式光伏与多数分布式光伏实行备案制。2026年趋势是”全面入市”与”源网荷储一体化”试点，各省（如贵州2026年管理办法）细化规划、年度计划与核准/备案。
- 签署并网与购售电合同，在毫无度电补贴下建模收入：叠加平价电价、绿电交易、绿证与协同储能价值。
- 探索绿色金融 —— 符合发改委/能源局碳减排工具的绿色信贷/债券与结算应收融资。
常见误读
- 以为仍有度电补贴。 主要风光自2021年起平价上网（无度电补贴）；收入取决于市场价格、绿证与交易。
- 把所有权当约束。 省级规划与电网消纳才是真正门槛；应先建模它们。
- 忽视136号结算机制。 新项目面临市场化风险与机制竞价，而非固定标杆。
- 以为储能强制。 136号文禁止将储能作为核准/并网/上网的前置条件。
- 忽视绿证收入与溯源。 绿证是独立且增长的收入与ESG流。
下一步建议
- 在投入资本前确认省级计划与电网消纳研究——约束在于规划而非所有权。
- 假定无度电补贴；以市场价格、绿电交易与绿证建模收入。
- 设立本地项目公司；发电外资所有权虽被允许，但实体驱动许可与并网。
- 跟踪目标省份2026年机制竞价以对标出清价。
- 若服务出口型或零碳园区用户，评估多用户绿电直连。
- 探索绿色金融：符合条件项目的绿色信贷/债券与补贴应收融资。
来源
- 国家发展改革委、国家能源局《关于深化新能源上网电价市场化改革 促进新能源高质量发展的通知》（发改价格〔2025〕136号）：https://www.ndrc.gov.cn/xxgk/jd/jd/202502/t20250209_1396070.html
- 国家发展改革委 政策公开 《发改价格〔2025〕136号》全文：https://zfxxgk.ndrc.gov.cn/web/iteminfo.jsp?id=20482
- 国家能源局《关于有序推动多用户绿电直连发展有关事项的通知》（发改能源〔2026〕688号）：https://www.nea.gov.cn/20260520/9e1c4277ce324c8ab82a84da98da7980/c.html
- 国家能源局（NEA）门户网站 — 绿证、新能源项目建档立卡与并网：https://www.nea.gov.cn
相关阅读
- 绿氢/氢能产业外资投资机会与示范区（147-green-hydrogen-2026）
- 新型储能外资参与路径（149-storage-2026）
- 全国碳市场扩容对外资企业影响（148-carbon-market-2026）