China Power Investment Corporation
Corporate brand
UnclaimedA Chinese central state-owned electricity group that developed, invested in, and operated conventional, nuclear, hydropower, and renewable-energy assets before its 2015 merger into State Power Investment Corporation.
Last updated October 13, 2026
Overview
China Power Investment Corporation, commonly known as CPI Group, was one of mainland China's five major centrally administered electricity-generation groups. It was supervised by the State-owned Assets Supervision and Administration Commission of the State Council and operated across power generation, project development, investment, construction, and asset management. Its activities covered a broad portfolio of thermal and hydropower facilities, nuclear-power investments, wind and other renewable-energy projects, and environmental-protection services connected with electricity generation. The group emerged from the restructuring of China's electricity sector in the early 2000s. Its predecessor, China Power International Holding Limited, had been incorporated in British Hong Kong in 1994 as an international financing vehicle associated with the former Ministry of Power Industry. In 1998, that company became part of the State Power Corporation of China. When the State Power Corporation was dismantled in 2002, its generation assets and related businesses were reorganized into several large central power groups. China Power Investment Corporation was formally approved in February 2003, with its legal-person registration completed in March of that year, and China Power International Holding became one of its principal subsidiaries. CPI developed a substantial domestic operating footprint, with power-related investments and projects in numerous Chinese provinces. It was described as supplying approximately one-tenth of China's electricity. Its corporate structure combined wholly owned operating and investment entities with listed platforms and minority stakes. Important affiliated companies included China Power International Development, Shanghai Electric Power, Yuanda Environmental Protection, China Power New Energy Development, and Jilin Electric Power. Through these businesses, CPI participated in electricity generation, renewable power, environmental treatment, and the consolidation of regional generation assets. Nuclear energy was a particularly distinctive part of CPI's profile. The group was one of the founders of State Nuclear Power Technology Corporation in 2007 and held interests in projects including Haiyang, Hongyanhe, Tianwan, Sanmen, and the Qinshan nuclear-power facilities. The group also maintained a dedicated nuclear-power subsidiary, China Power Investment Nuclear Power. Its nuclear portfolio gave CPI a role in a sector that was subject to specialized national licensing and strategic state planning. CPI also pursued cross-border and regional activities. In 2003, a subsidiary acquired a minority interest in Companhia de Electricidade de Macau, the electricity producer and supplier serving Macau. The group was involved in plans for a joint venture intended to prepare electricity supply to Hong Kong, although that proposed venture did not result in the planned supply business. Overseas development included participation with the Myanmar government in the proposed Myitsone Dam project, which was intended to generate electricity for Yunnan Province. The corporation ceased to exist as a separate group in 2015, when it was merged with State Nuclear Power Technology Corporation. The combination created State Power Investment Corporation, commonly abbreviated SPIC. Several CPI executives and businesses continued in the successor organization or related companies, but China Power Investment Corporation itself is now a historical corporate entity rather than an active standalone brand.
History
China Power Investment Corporation developed out of the Chinese electricity-sector reforms that separated generation businesses from transmission and distribution. Its direct predecessor was China Power International Holding Limited, incorporated in British Hong Kong in 1994 as a special-purpose international financing vehicle associated with the Ministry of Power Industry. The company served as a channel for raising funds through international capital markets. In 1998, it became a subsidiary of the State Power Corporation of China, the large state electricity organization that had taken over the commercial functions associated with the former ministry. In 2002, the State Power Corporation was dismantled and its businesses were reorganized into separate power-grid companies and major generation groups. The new generation groups included China Huaneng Group, China Huadian, China Datang, China Guodian, and China Power Investment Corporation. China Power International Holding was transferred into the CPI structure. The formal approval for China Power Investment Corporation was issued on 2 February 2003, and its legal-person registration was completed on 31 March 2003. At formation, the group had five wholly owned first-tier subsidiaries. CPI expanded through domestic power development, corporate restructuring, and investments in generation companies. In July 2003, through China Power International Holding, it acquired a minority interest in Companhia de Electricidade de Macau, which generated and supplied electricity in Macau. In March 2004, China Power International Holding established China Power International Development as an intermediate holding company for selected assets. China Power International Development subsequently listed on the Hong Kong Stock Exchange in October 2004, giving CPI a listed platform for power assets and expansion. The group maintained a diversified generation strategy. Its portfolio included conventional power stations, hydropower development, nuclear-power investments, wind power, and other renewable-energy activities. CPI also owned or controlled businesses involved in environmental protection, including treatment of wastewater, gas emissions, and solid waste associated with industrial and power operations. Its geographic footprint extended across many Chinese provinces, and the group was reported to account for about ten percent of national electricity supply. Nuclear power became an important strategic area. CPI was among the founding participants in State Nuclear Power Technology Corporation in 2007 and held interests in several nuclear projects. These included stakes or affiliated roles connected with Haiyang, Hongyanhe, Tianwan, Sanmen, and Qinshan facilities. The group also operated through China Power Investment Nuclear Power and maintained an indirect interest in Shandong Nuclear Power. This portfolio made CPI one of the central state power groups with a significant role in China's nuclear-generation program. CPI explored regional and international projects alongside its mainland operations. A proposed China Hong Kong Power Development joint venture, formed with Vertex Group and China Southern Power Grid, was intended to prepare electricity supply to Hong Kong, but the planned business was not realized. In Myanmar, CPI worked with the government on the proposed Myitsone Dam, a large hydropower project designed to provide electricity for Yunnan Province. The project became one of the group's most visible overseas development activities, although the available reference material does not establish a completed operating asset. By 2014, CPI's corporate network included wholly owned subsidiaries, listed companies, joint ventures, and equity investments. Key holdings included China Power International Holding, China Power International Development, Shanghai Electric Power, Yuanda Environmental Protection, and Huanghe Hydropower Development. It also held interests in China Power New Energy Development, Jilin Electric Power, Companhia de Electricidade de Macau, and several nuclear-project companies. In 2015, China Power Investment Corporation was merged with State Nuclear Power Technology Corporation. The transaction created State Power Investment Corporation, integrating CPI's broad generation and investment portfolio with nuclear-technology and nuclear-project capabilities. CPI's separate corporate identity ended with that merger. Some of its managers moved into SPIC or other state power companies, while its businesses and investments became part of the successor group's portfolio.
- 2015
CPI merges into State Power Investment Corporation
[1]CPI and State Nuclear Power Technology Corporation are combined to create State Power Investment Corporation.
- 2007
CPI helps found State Nuclear Power Technology Corporation
[1]CPI becomes one of the founding participants in the nuclear-technology corporation and initially holds a minority stake.
- 2004
China Power International Development is established and listed
[1]CPI creates an intermediate holding company for power assets; China Power International Development later lists in Hong Kong in October.
- 2003
China Power Investment Corporation is formally established
[1]The group receives formal approval in February and completes legal-person registration in March.
- 2003
CPI acquires a minority interest in Macau's electricity company
[1]A CPI subsidiary acquires a minority stake in Companhia de Electricidade de Macau.
- 2002
China's state power sector is reorganized
[1]The State Power Corporation is dismantled and its generation businesses are reorganized into several major state-owned power groups, including CPI.
- 1998
Predecessor joins State Power Corporation of China
[1]China Power International Holding becomes a subsidiary of the State Power Corporation of China.
- 1994
China Power International Holding is incorporated
[1]The predecessor company is established in British Hong Kong as an international financing vehicle associated with the Ministry of Power Industry.
Products and positioning
A centrally administered Chinese power-investment and generation group with a diversified portfolio spanning conventional electricity, nuclear power, hydropower, and renewable energy.
Power generation · 2003
Electricity generation
CPI's core business was the development, investment, construction, operation, and management of electricity-generating assets. Its portfolio covered power stations in many Chinese provinces and included both directly operated facilities and assets held through listed subsidiaries and affiliated companies. The group supplied a substantial share of mainland China's electricity before its 2015 merger.
Nuclear electricity · 2007
Nuclear power
Nuclear energy was a defining part of CPI's investment profile. Through China Power Investment Nuclear Power and interests in project companies, the group participated in the development or operation of nuclear facilities including Haiyang, Hongyanhe, Tianwan, Sanmen, and Qinshan. These activities were carried out within China's state-led nuclear-power framework.
Hydroelectricity
Hydropower
CPI developed and invested in hydropower assets in China and overseas. Huanghe Hydropower Development was among its important affiliated companies. The group also participated in the proposed Myitsone Dam project in Myanmar, which was intended to generate electricity for Yunnan Province.
Wind and renewable electricity
Renewable energy
The group expanded beyond conventional generation through wind-power and other renewable-energy investments. Its network included China Power New Energy Development and renewable projects associated with Jilin Electric Power, reflecting CPI's participation in the growth of China's non-fossil generation capacity.
Industrial environmental services
Environmental protection services
Through Yuanda Environmental Protection and related businesses, CPI participated in the treatment and management of wastewater, gaseous emissions, and solid waste connected with power generation and industrial operations.
Controversies
Brand decisions
2015
Merge with State Nuclear Power Technology CorporationM&ABackground
China sought to combine major state power-generation and nuclear-technology capabilities within a larger integrated group.
Action taken
CPI was merged with State Nuclear Power Technology Corporation to form State Power Investment Corporation.
Aftermath
CPI ceased operating as a separate legal and corporate group, while its businesses and investments moved into the successor organization.
2004
Use a listed holding platform for power assetsStrategyBackground
CPI sought a corporate platform through which selected power-generation assets could be organized and accessed by public-market investors.
Action taken
China Power International Holding established China Power International Development, which subsequently listed on the Hong Kong Stock Exchange.
Aftermath
The listed company became one of CPI's principal holding and asset-consolidation vehicles.
2002
Create a separate central power-generation groupStrategyBackground
China dismantled the State Power Corporation and reorganized its generation and grid businesses into separate state-owned groups.
Action taken
China Power Investment Corporation was established as one of the major central electricity-generation groups, with China Power International Holding placed within its structure.
Aftermath
The new group became a nationwide power investor and generator with a diversified portfolio of subsidiaries, joint ventures, and equity investments.
Recent events
- 2015
China Power Investment Corporation merges with State Nuclear Power Technology Corporation[1]
M&A
The electricity group was combined with State Nuclear Power Technology Corporation to establish State Power Investment Corporation, ending CPI's existence as an independent central power group.
CPI participates in the proposed Myitsone Dam project[1]
Other
China Power Investment Corporation participated with the Myanmar government in developing the proposed Myitsone Dam, intended to generate electricity for Yunnan Province.
Sources4 sources
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