Installations of new energy in China, including solar and wind, were predominant in the power sector last year, further accelerating the country's green and low-carbon transition, the China Electricity Council said.

Major power companies completed investments exceeding 1.55 trillion yuan ($213 billion), an increase of 24.7 percent year-on-year. Investments in national power generation projects reached 1.02 trillion yuan, up 37.7 percent year-on-year, while that in national power grid projects totaled 527.7 billion yuan, up 5.4 percent year-on-year, according to the electricity authority.

The increased investment in new energy has accelerated the green and low-carbon transition across the nation, said Hao Yingjie, a spokesman for the council.

Investment in the solar power sector reached 431.6 billion yuan, a year-on-year increase of 50.7 percent, followed by wind power, which totaled 275.3 billion yuan, up 36.9 percent year-on-year. Investment in non-fossil energy power generation grew by 39.2 percent year-on-year, accounting for 89.2 percent of total power investment, he said.

Power grid companies have further strengthened the construction of rural grids and distribution networks, with investments in 110 kV and below power grids totaling 290.2 billion yuan, accounting for 55 percent of the total investment in power grid projects, Hao added.

According to the annual development report of China's electric power industry released by the council in Beijing recently, renewable energy projects by Chinese power companies are also on the rise abroad.

By the end of 2023, the total amount of direct overseas investment by major Chinese power companies reached $4.42 billion, a year-on-year increase of 30.8 percent. Of this, 61.8 percent of projects were in the new energy sector, and this investment trend is expected to grow in 2024, it said.

Chinese companies enjoy advantages in terms of cost competitiveness, advanced technology, experience and expertise as well as a comprehensive supply chain on the global stage, said Luo Zuoxian, head of intelligence and research at the Sinopec Economics and Development Research Institute.

China has made significant advancements in renewable energy technologies, particularly in solar and wind power. These technological innovations enable Chinese companies to deliver high-quality and efficient renewable energy solutions, he said.

With extensive experience in large-scale renewable energy projects domestically, Chinese power companies have also developed considerable expertise in project development, management and operation. This experience translates well for international projects.

In addition, China has a well-developed supply chain for renewable energy components, such as solar panels, wind turbines and batteries. This integrated supply chain allows Chinese companies to source materials quickly and cost-effectively.

China's major electric power companies signed 205 new overseas engineering contracts last year, amounting to $26.46 billion. These projects involved 55 countries and regions, with the highest proportions in Asia and Africa, accounting for 59 percent and 23.9 percent, respectively.

The total value of overseas engineering contracts signed by China's major electric power companies by the end of last year was $402.43 billion, with overseas investments by China's major electric power companies mainly in solar power generation, wind power, hydropower, power transmission and transformation.