Introduction  With the proposal of the goal of "carbon neutrality and peak carbon dioxide emission" in China, renewable energy power generation enterprises are facing the demands of rapidly expanding the installed capacity and vigorously developing investment and mergers and acquisitions. Under the background of the increasing shortage of existing subsidy funds in China, how to determine the subsidy income of renewable energy projects and adopt a reasonable method to evaluate the project has always been the difficulty of M&A decision.

  Method  This paper focused on the new subsidy policy issued in 2020, calculated the cashing coefficient of renewable energy stock subsidy, and calculated the scale and time of subsidy cash inflow based on multi scenario assumption.

  Result  Through the calculation of equal subsidy coefficient and investment valuation model, the end time of subsidy gap and the equal subsidy coefficient of each year are defined, and the best valuation method is selected based on the characteristics of renewable energy projects.

  Conclusion  The offshore wind power and onshore wind power projects in some regions are valued using the valuation model, which provides important decision support for enterprise investment and mergers and acquisitions.