China’s COMPLANT Is Quietly Reinventing Itself — From “Complete Plants” to Big‑Ticket Solar EPC and Energy Storage. Here’s What Just Changed

• Who/what: China National Complete Plant Import & Export Corp., Ltd. — often branded COMPLANT or CNCPIEC — is a Beijing‑based listed company (SZ:000151) focused on complete equipment export & engineering contracting, environmental technology, and composite materials. Reuters
• Shareholding shake‑up: In June 2024, the company’s indirect controlling shareholder changed from SDIC to China General Technology (Genertec) via a state asset transfer of the holding vehicle “China National Complete Plant Import & Export Group” (the direct controlling shareholder). The listed company remains controlled via that group entity. QQ Finance
• Big new EPC win: On Jan 26, 2025, COMPLANT and Turkey’s INTEC Energy Solutions signed a US$119m EPC contract for the 240 MWac (288 MWp) “Project Sunrise (Shafag)” solar plant in Jabrayil, Azerbaijan (24‑month term; modules owner‑procured). BP and partners later sanctioned the project, linking it to the Sangachal terminal’s electrification. Sina Finance
• Africa pipeline: In March–April 2025, COMPLANT signed an EPC deal with Tinda Energy for a 56 MW PV plant with 22.5 MWh BESS in the Ignié SEZ (Republic of the Congo), ~US$75.96m. pvtime.org
• Pivot into energy storage: In Sept 2025, COMPLANT moved to acquire 100% of Zhongji Jiangsu Clean Energy (a user‑side ESS developer/operator) for CNY 151.46m, alongside a targeted share placement to fund a China Tower Dongguan base‑station energy‑saving project and working capital. Sina Finance
• Financial snapshot: 2024 revenue CNY 1.226 bn; net loss CNY 306 m. Segment revenue: environmental tech CNY 474 m (‑11% YoY), composites CNY 163 m (+38% YoY); international contracting projects advanced in Barbados, Côte d’Ivoire, and Cuba. Sina Finance
• 2025 guidance: Company guided H1 2025 net loss of CNY 40–60 m (pre‑acquisition). Sina Finance
• Stock: Recent print around CNY 12.27; 52‑week range CNY 11.01–18.90 (Reuters). Reuters

1) Who is COMPLANT today? (and why the name can be confusing)

China National Complete Plant Import & Export Corp., Ltd. (short name COMPLANT/CNCPIEC; SZ:000151) historically built its brand around “complete plant” exports and turnkey EPC work overseas, and now also runs environmental‑technology and composite‑materials businesses. Reuters’ company profile tracks those three pillars. Reuters

In June 2024, a meaningful ownership change occurred at the group level: SDIC transferred 100% of the equity of the direct controlling shareholder (China National Complete Plant Import & Export Group Co., “中成集团”) to China General Technology (Genertec) via a no‑consideration state asset transfer. After the move, Genertec became the indirect controlling shareholder of the listed company; the group entity remains the direct controller. (Note: Some group web pages that still reference SDIC are historical; the listed company’s filing is the authoritative record.) QQ Finance

2) Big EPC wins: Azerbaijan and Congo‑Brazzaville

Azerbaijan — Project Sunrise (Shafag, 240 MWac / 288 MWp). On Jan 26, 2025, COMPLANT and INTEC Energy Solutions (Turkey) signed a US$119m EPC contract with Shafag (Jabrayil) Solar Ltd. The contract covers design, procurement (modules excluded), construction, a 2‑year warranty, and O&M services, with a 24‑month schedule. COMPLANT disclosed the terms in a Shenzhen Stock Exchange filing. Subsequently, BP and partners gave the go‑ahead for Shafag and linked Sangachal electrification, consolidating project momentum and funding visibility. Sina Finance

Republic of the Congo — Ignié SEZ (56 MW PV + 22.5 MWh BESS). On Mar 27, 2025, COMPLANT signed an EPC agreement with Tinda Energy for a US$75.96m hybrid project in the Ignié Special Economic Zone, including a plant, two 10‑km 33 kV lines and storage. Subsequent reporting emphasized EPC scope while noting ongoing financing arrangements before full execution. pvtime.org

These two awards reinforce COMPLANT’s strategy of parlaying legacy overseas EPC know‑how into renewables across Eurasia and Africa—with material ticket sizes and blue‑chip counterparties (e.g., BP‑affiliated SPV in Azerbaijan). Sina Finance

3) Strategic pivot: buying into user‑side energy storage

To deepen its energy‑transition footprint, COMPLANT moved to acquire 100% of Zhongji Jiangsu Clean Energy (工商业“用户侧储能” developer/operator) for CNY 151.46m, paying in shares and raising up to CNY 151.4m in a parallel placement. Proceeds are earmarked for the “General Technology Dongguan Base‑Station Power‑Saving Service (Phase II)” (customer: China Tower Dongguan) and working capital—creating synergies between ESS capabilities and COMPLANT’s international EPC channels. The deal includes performance and impairment protection commitments from the seller. Sina Finance

Management subsequently told investors the rationale is to expand the industrial chain, bolster overseas ESS delivery, and support China’s “dual‑carbon” goals; disclosed profit data for Zhongji Jiangsu show steady progress (2023–1H25) with explicit earn‑out targets for 2025–2027. Cninfo

4) Operations: 2024 baseline and project book

COMPLANT’s 2024 Annual Report (summary) shows revenue CNY 1.226 bn and net loss CNY 306 m. Segment results: environmental technology revenue CNY 474 m (‑11% YoY), composite materials CNY 163 m (+38% YoY). International contracting progressed across Barbados (Scotland district road rehabilitation), Côte d’Ivoire (dry‑port build), and Cuba (printing plant modernization). Sina Finance

The H1 2025 profit alert (pre‑M&A) guided a CNY 40–60 m net loss, while noting the 2024 business mix: complete equipment export & engineering ~47.8%, environmental tech ~38.7%, composites ~13.3% of revenue. Sina Finance

5) Legacy sugar footprint in Jamaica: investments and asset tidying

Through affiliated vehicles, COMPLANT has long had sugar operations in Jamaica under Pan‑Caribbean Sugar Co. (PCSC), which run the Frome and Monymusk estates (Bernard Lodge functions were later wound down). In Jan 2025 Jamaica’s Agriculture Minister urged growers to return to cane, citing new investment and equipment at Frome, and media reported >US$1 m in farm machinery to raise efficiency. Jamaica Information Service

In March 2025, Hua Lien International (Holding) Co., Ltd. — the HK‑listed parent of PCSC — disclosed the sale of land at the former Bernard Lodge to a local builder (AYD Construction), an example of continuing portfolio clean‑up around the sugar business. (Hua Lien’s filings describe PCSC as a 70%‑owned indirect subsidiary.) Irasia Docs

6) Stock & ownership context (as of publication)

Reuters quotes the shares near CNY 12.27 with a CNY 11.01–18.90 52‑week range. The business remains a central‑SOE platform via COMPLANT Group under Genertec post‑transfer in 2024. Investors should note that some group‑site pages still reflect the earlier SDIC era; the Shenzhen filing and Securities Times notice capture the current structure. Reuters

What to watch next

1. Execution milestones on Shafag (Azerbaijan): notice‑to‑proceed, financing drawdowns, and module procurement status (modules excluded from COMPLANT’s EPC scope). BP’s sanction suggests tailwinds, but on‑the‑ground progress, grid works, and any JV updates will be key. Sina Finance
2. Financial close & mobilization in Congo‑Brazzaville: watch creditor negotiations and contract effectiveness for the 56 MW Ignié SEZ plant (with BESS). Energy Capital & Power
3. ESS integration: how quickly Zhongji Jiangsu is consolidated; delivery of the Dongguan base‑station energy‑saving project; and cross‑selling ESS alongside overseas EPC bids. Sina Finance
4. Margin trajectory: whether 2025 loss guidance narrows as new projects ramp and composites continue to scale. Sina Finance

Sources

• Company & financials: 2024 Annual Report (summary); Shenzhen disclosures on major EPC contract and ESS M&A/placement; investor Q&A on ESS acquisition. Cninfo
• Ownership change: Acquisition/transfer report (Genertec becomes indirect controller) and press summary. QQ Finance
• Business profile & price: Reuters company profile & quote. Reuters
• Azerbaijan project context: BP sanction for Shafag & Sangachal electrification. bp global
• Congo project: PVTIME; Energy Capital & Power; Green Building Africa. pvtime.org
• Jamaica sugar: JIS; Jamaica Observer; Hua Lien HKEX filing (PCSC land sale). Jamaica Information Service

Note on naming: “COMPLANT” appears both in the listed company (China National Complete Plant Import & Export Corp., Ltd.; SZ:000151) and in the group (China National Complete Plant Import & Export Group Co.). The group historically aligned with SDIC, but in 2024 its equity shifted to Genertec; the listed company’s filing is the up‑to‑date authority on that structure. QQ Finance

If you’d like, I can track new filings and contract milestones and produce a refreshed digest focused on execution progress, backlog, and margins.