BJP x GDPD jointly established a new company, what does the establishment of a large base worth billions represent?

At the beginning of 2026, three state-owned enterprises, Shaanxi Yanchang Petroleum, Datang Group, and WanNeng Group, pooled 5 billion yuan to establish a company in Yan'an. The equity ratios are 34%, 34%, and 32%. This company is called Shaanxi ShanWan Energy Co., Ltd., which is specifically responsible for the construction and operation of a 1,070-kilometer ultra-high voltage line.

Recently, JingNeng Electric Power and GuoDian Electric Power, two listed companies, established a joint venture in Inner Mongolia, with JingNeng Electric Power holding 51% and GuoDian Electric Power holding 49%. The total investment for the project is 8.645 billion yuan, which includes 1.2 million kilowatts of wind power, 300,000 kilowatts of photovoltaic, and 225,000 kilowatts/2 hours of energy storage. The electricity will be transmitted through the JingLong - Datong - Fangshan corridor to the Beijing-Tianjin-Hebei region.

Setting up a team specifically for a project is becoming a common practice in large-scale base development. It is increasingly difficult for a single enterprise to independently digest such large-scale projects worth billions. Funding, technology, and consumption channels are dispersed among different enterprises and must be tied together through equity.

JingNeng wants to hold the controlling stake, not just for appearances

The direct reason for JingNeng Electric Power holding 51% of the controlling stake is that JingNeng Group has included "green electricity entering Beijing" in its core strategy for 2026. There is a significant gap in green electricity demand in Beijing, and the incremental supply from Hebei and Zhangjiakou is already limited. The Ulanqab project happens to be located on the JingLong - Datong - Fangshan 500 kV corridor. Without holding the controlling stake, JingNeng cannot guarantee that this 1,500 megawatts of electricity will be prioritized for the Beijing market.

Relying solely on JingNeng, the 1.2 million kilowatts of wind power combined with 300,000 kilowatts of photovoltaic, along with 225,000 kilowatts/2 hours of energy storage, totals an investment of 8.645 billion yuan. JingNeng alone cannot provide this much cash and lacks the technical accumulation to operate large-scale new energy in the weak grid environment of Inner Mongolia.

GuoDian Electric Power's Baotou Damaoqi grid-type energy storage project was selected as one of the first pilot projects by the state. This energy storage system does not rely on traditional grid support and can establish its own voltage and frequency. As thermal power gradually exits, the lack of grid support makes this technology a necessity. JingNeng does not have this capability, but GuoDian Electric Power does.

Both parties have put their most critical resources into the same project company. JingNeng provides the consumption channels, while GuoDian Electric Power contributes capital and technology. The division of labor has already been locked in the joint venture agreement.

An 8.6 billion yuan project, sharing the burden is more stable than one party carrying it alone

This project completed its planning in 2023 but only finalized the investment entity through a consortium bid in August 2025. During these two years, the most discussed question in the industry has been: who dares to take on this 8.6 billion yuan?

Some are willing to take it on, but whether they can complete it is another matter. Industry insiders have revealed to JingNeng Energy that the previous approach of first obtaining indicators and then finding partners is becoming increasingly unfeasible for large base projects. Equipment procurement, construction management, grid connection coordination, and cross-province electricity transmission negotiations can all become bottlenecks A company going it alone can easily encounter problems with its funding chain or technical issues along the way.

BJP and GDPD have locked their two core capabilities—BJP's market absorption capacity and GDPD's technology and capital—into the same project company. Both shareholders are involved. Anyone who wants to withdraw investment or cooperate passively will lose not only money but also credibility for future projects in Inner Mongolia.

This cannot be called a brilliant innovation; it is a pragmatic approach forced by circumstances. The scale of large base projects is too massive for a single company's balance sheet to bear, and its technical capabilities cannot cover everything. Working together provides more stability than going it alone.

Two signals in the scope of operations, one about carbon and one about energy storage

There is an easily overlooked item in the scope of operations of Jingda New Energy: research and development of carbon reduction, carbon conversion, carbon capture, and carbon storage technologies.

Why would a newly established project company with a registered capital of 10 million yuan include this? The large base project in Inner Mongolia, no matter how high the proportion of wind and solar energy, cannot do without thermal power for peak regulation. In places like Ulanqab, after the penetration rate of new energy increases, thermal power units cannot all be withdrawn; a portion must remain for support. How to reduce carbon emissions from this portion of thermal power? Including CCUS technology research and development in the company's functions from the start means that both shareholders recognize that this project must address not only power generation and transmission issues but also carbon reduction targets.

Similarly, the 225MW/450MWh energy storage that accompanies the energy storage project is not just about installing a few battery cabinets. How to schedule energy storage, how to share profits, and who will bear the cost of degradation are all areas where disputes easily arise in past large base projects. Solving these issues internally within the project company, with both shareholders reaching consensus at the board level, is much faster than negotiating separately. By defining the technical route and profit distribution in the joint venture agreement in advance, everyone can follow the rules once the project starts.

The Jingda New Energy project company does not involve complex financial innovations or flashy business models. It is simply two traditional energy companies sitting down to divide the work, set the shareholding ratio, and contribute their best resources to bring an 8.6 billion project from paper to reality.

This model will become increasingly common. As the construction of large new energy bases enters the second half, money and technology are no longer exclusive advantages of a single company. Central enterprises have capital and systemic capabilities, while local state-owned enterprises have resources and absorption markets. What is truly worth watching in the energy sector in 2026 is not which project has connected how many megawatts to the grid, but the increasing number of joint venture companies like Jingda New Energy being registered. Behind each one lies the answer to how to divide, execute, and wrap up a project worth billions