BEIJING, Feb. 4 -- China will continue increasing the deployment of renewable power in 2023 on strong demand, lower raw-material costs and a low-base effect for wind power, according to Fitch Ratings.

China's large state-owned power generation companies remain committed to the country's energy transition strategy and are the largest investors in renewable power, said Fitch Ratings, adding that the companies' active bidding bodes well for new installations in 2023.

In 2022, a total of 446 wind power projects with a capacity of 87 GW completed equipment bidding in 2022, compared with around 60 GW in 2021, Fitch Ratings cited data from wind power information provider Windmango.

The installed capacity of wind and solar power in China rose 22 percent year on year last year, according to Fitch Ratings.