Many regions' photovoltaic projects breach the profitability bottom line, and development models are facing a comprehensive restructuring.

People’s Finance Network, March 28—Recently, regions including Shandong, Shanxi, and others have issued notices to adjust or revoke certain wind and solar power generation projects. These notices involve several central and state-owned enterprises adjusting their related solar investment layouts. According to incomplete statistics, since the second half of 2025, more than 140 wind and solar projects nationwide have been cleared, with a total scale exceeding 10GW. Zhou Lisha, a researcher at the China Enterprise Reform and Development Research Association, said that for power central and state-owned enterprises, investment in new energy projects is not “cost-free,” but instead has a clear revenue floor. Generally, the internal rate of return of capital for new energy projects must not be lower than 6.5%, and some enterprises have even stricter internal requirements. As a result, this metric forces central and state-owned enterprises to comprehensively review existing projects and strictly control new investment. Meanwhile, the return rates of photovoltaic and wind power projects are currently facing downward pressure overall, making it difficult to meet the investment red lines of central and state-owned enterprises. Industry insiders noted that behind this change are multiple adjustments in policy direction, the market environment, and corporate strategies, and it also reflects a key turning point where China’s new energy industry steps onto “high-quality development.” The industry landscape, technology routes, and development models are also undergoing an all-round reshaping. (Xinhua Finance)