China Power Investment Corporation
| Company type | State-owned enterprise |
|---|---|
| Industry | Electric power |
| Predecessor | China Power International Holding Limited |
| Founded | 1994 |
| Fate | Merged in 2015 to form State Power Investment Corporation |
| Headquarters | China |
Area served | Mainland China (27 provinces) |
Key people | Li Xiaolin (former deputy general manager and chairman), Lu Qizhou (final general manager) |
| Products | Electricity generation (including nuclear power, renewable energy) |
| Owner | State-owned Assets Supervision and Administration Commission (SASAC) under the State Council |
| Parent | None (prior to merger) |
China Power Investment Corporation (CPI Group) ranked among the top five state-owned electricity producers in mainland China and was supervised by the State-owned Assets Supervision and Administration Commission (SASAC) under the State Council. The enterprise specialized in the development, investment, construction, operation, and management of power generation facilities across 27 provinces, providing roughly ten percent of the country’s electrical supply.
CPI Group served as the parent entity for four publicly traded subsidiaries: China Power International Development, China Power New Energy Development (which later became a significant joint shareholder following share acquisition by China Three Gorges Corporation), Shanghai Electric Power, and Yuanda Environmental Protection. Additionally, it maintained a substantial stake in Jilin Electric Power.
In 2015, China Power Investment Corporation combined with the State Nuclear Power Technology Corporation, resulting in the creation of the State Power Investment Corporation.
China Power International Holding
The origin of China Power Investment Corporation traces back to China Power International Holding Limited (CPIH), founded in 1994 in British Hong Kong as a special-purpose vehicle designed to channel financing for the Ministry of Power Industry through international capital markets. By 1998, CPIH became a subsidiary under the State Power Corporation of China, which had assumed the Ministry's commercial responsibilities.
China Power Investment Corporation
Following the 2002 breakup of the State Power Corporation of China into separate entities such as power grid firms (including State Grid Corporation of China and China Southern Power Grid) and power generation groups like China Power Investment, CPIH was incorporated as a subsidiary within the newly established China Power Investment Corporation (CPI Group). The formal establishment was sanctioned on 2 February 2003, with five fully owned subsidiaries at its inception.
Among CPI Group’s initial strategic moves was acquiring a minority interest in Companhia de Electricidade de Macau (CEM) in July 2003, broadening its footprint within Macau’s electricity sector. Soon after, in March 2004, CPIH founded China Power International Development to list assets on the Hong Kong Stock Exchange by October that year. Notably, CPI Group distinguished itself among China’s major five power producers by possessing a license to operate nuclear power plants.
In 2005, CPI Group created China Hong Kong Power Development as a joint venture with Vertex Group and China Southern Power Grid aimed at supplying electricity to Hong Kong; however, this initiative did not advance to completion.
By 2007, CPI Group had become a founding investor with a 10% shareholding in State Nuclear Power Technology Corporation, reinforcing its commitment to nuclear energy development.
In 2010, reports emerged concerning a two-decade coal supply contract between CPI Group and Australian firm Resourcehouse, owned by Clive Palmer; nevertheless, CPI Group refuted these claims. The agreement was subsequently revealed in Resourcehouse’s pre-IPO documentation.
The 2015 merger between China Power Investment Corporation and State Nuclear Power Technology Corporation led to the formation of State Power Investment Corporation, unifying nuclear power assets with broader generation capabilities.
Throughout its operations, CPI Group also pursued renewable energy initiatives as part of its strategy to diversify its energy portfolio.
Corporate leadership
In 2014, Li Xiaolin held multiple key positions within China Power Investment Corporation (CPI Group), serving as its deputy general manager, chairman of China Power International Holding, as well as chairman and CEO of the listed entity China Power International Development. Additionally, she chaired the affiliated company China Power New Energy Development. Li Xiaolin is the daughter of Li Peng, who was Premier of China from 1988 to 1998 and previously served as both Minister and vice-minister of the Ministry of Power Industry. She became part of CPI Group’s predecessor at its inception in 1994.
The final general manager before CPI Group's merger was Lu Qizhou, who retired following the consolidation but continued his involvement as a member of the Chinese People's Political Consultative Conference. Among the deputy general managers, Meng Zhenping assumed the role of general manager at the newly formed State Power Investment Corporation post-2015 merger, whereas Li Xiaolin was reassigned to China Datang Corporation. Of the remaining five deputy general managers, three remained with the successor organization, while Zou Zhengping transitioned to become director at Dongfeng Motor Corporation.
Subsidiaries
- China Power International Holding (fully owned)
- China Power Development Limited (unofficial Chinese name , incorporated in the British Virgin Islands) (wholly owned)
- China Power International Development (58.95% indirect ownership), incorporated and publicly traded in Hong Kong, serves as CPI Group’s principal holding company managing numerous power plants throughout China. By the end of 2008, it reported total assets amounting to RMB 284.2 billion and was actively consolidating regional assets.
- China Hong Kong Power Development Company Limited (50% joint venture) – intended to provide electricity supply to Hong Kong; however, this plan did not come to fruition.
- Shanghai Electric Power (54.38% ownership)
- Yuanda Environmental Protection, listed on the Shanghai Stock Exchange, specializes in managing waste water, gas emissions, and solid waste treatment.
- China Power Investment Nuclear Power (entirely owned)
- Shandong Nuclear Power (indirect ownership) – operates the Haiyang Nuclear Power Plant; other stakeholders include State Nuclear Power Technology Corporation, Shandong International Trust, China Huaneng Group, China Guodian, China National Nuclear Power, and Yantai Blue Sky Investment and Development
- Huanghe Hydropower Development Co., Ltd. () (94.17% ownership)
Joint ventures
- Hongyanhe Nuclear Power (45% stake) – manages operations of the Hongyanhe Nuclear Power Plant
Equity investments
- China Power New Energy Development holds a 28.16% stake and specializes in wind energy production.
- Jilin Electric Power, a publicly traded company on the Shenzhen Stock Exchange, manages power generation assets including wind energy projects in Jilin.
- Companhia de Electricidade de Macau is owned through China Power International Holding.
- Jiangsu Nuclear Power, with a 30% ownership, operates the Tianwan Nuclear Power Plant.
- Sanmen Nuclear Power holds a 14% share and runs the Sanmen Nuclear Power Station.
- The Nuclear Power Plant Qinshan Joint Venture Company, owning 6%, oversees operations of Phase 2 at the Qinshan Nuclear Power Plant.
- The Third Qinshan Joint Venture Company possesses a 20% stake and manages Phase 3 operations of the Qinshan Nuclear Power Plant.
Overseas projects
In collaboration with the Myanmar government, CPI is advancing the Myitsone Dam project, which is expected to supply between 3,600 and 6,000 megawatts to Yunnan province once finalized.