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Green Electricity Asset-Light Operation and Computing-Power Synergy Services

1) Profit points come from three parts; 2) Charging power plant O&M management service fees (usually based on power gene

MODEL

Key Fields

FIELD STAMPS

IndustryEnergy

RegionChina

ScaleMid-size

ChannelOnline

📌 Background

In 2026, the growth rate of wind and solar installations slowed down, shifting the industry from land-grabbing to refined operations of existing assets. The phase-out of subsidies and declining electricity prices have driven the rise of asset-light services such as third-party O&M and power plant management. Computing-power synergy (direct green electricity supply to data centers) has become a new incremental matching opportunity. According to Sentong's 2025 annual report, its BIPV business revenue reached 1.866 billion yuan, a year-on-year increase of 31.92%. The business model already involves packaging survey, design, construction, and subsequent O&M into an integrated general contracting service commissioned by the owner (based on the listed company's annual report standards).

👤 Target Customers

SME renewable energy power plant owners, data center operators, and power sales companies

💰 Revenue Streams

1) Profit points come from three parts; 2) Charging power plant O&M management service fees (usually based on power generation sharing or fixed annual fees); 3) Computing-power synergy transaction matching fees, providing matching and settlement services for green power plants and data centers, and extracting transaction commissions; 4) Green electricity aggregated power sales price differences.

🧮 Cost Structure

Main costs include labor costs for regional O&M teams, SaaS development and maintenance fees for intelligent monitoring systems, and construction and operation expenses for the computing-power synergy platform. Under the asset-light model, heavy assets of power plants are not directly held.

🛡️ Moat

First-mover bound power plant customer network, cross-regional O&M data accumulation to optimize dispatching algorithms, and deep cooperative resources with local power grids and IDC customers

🔑 Keys to Success

Build a cross-regional digital O&M platform to enhance machine-replaced O&M efficiency
Sign long-term green electricity direct supply contracts with leading data centers and cloud vendors
Obtain power sales licenses and participate in spot electricity trading

⚠️ Risks

Long accounts receivable cycles for power plant customers, requiring attention to bad debt risks
The computing-power synergy market is fleeting and highly dependent on policies
Facing upstream expansion competition from large and medium-sized EPC contractors

🏢 Cases

Jinko Power (601778) transformed from photovoltaic power plant development to asset-light O&M
China Yangtze Power (600900) deploys comprehensive smart energy and power distribution/sales
Guolian Green Technology provides operation services for waste-to-energy generation

📊 SWOT Analysis

Strengths

Asset-light model provides stable cash flow, unaffected by drastic electricity price fluctuations
Computing-power synergy aligns with the 'Eastern Data, Western Computing' policy, offering vast growth space

Weaknesses

High dependence on power plant owners, making it difficult to expand across ecosystems on a large scale
Thin O&M profit margins, requiring high-tech efficiency improvement

Opportunities

Under the 'Dual Carbon' goals, green electricity consumption demand continues to grow, and the required proportion of green power in computing power centers is increasing
The photovoltaic existing asset market is exploding, with a large number of long-tail power plants requiring professional management

Threats

Large state-owned power enterprises building their own O&M teams compress the space for independent operators
Uncertainty in green electricity trading rules; if subsidies are canceled, it will impact power plant returns

Sources