China　government　will　introduce　the　Renewable　Portfolios　Standards　(RPS)　to　promote　the　wind　power　accommodation.　As　a　result,　investors　face　three　sources　of　uncertainty,　namely,　investment　costs,　electricity　prices　and　subsidies.　This　paper　adopts　a　real　options　approach　to　analyze　investment　timing　and　capacity　choice　for　wind　power　projects　considering　these　uncertainties　under　RPS.　Simulation　results　indicate　that　lower　investment　costs　encourage　earlier　investment,　and　higher　electricity　prices　and　subsidies　create　incentives　for　earlier　investment　and　larger　capacity　of　wind　power　projects.　Besides,　the　proposed　model　can　be　used　by　policy　makers　to　make　appropriate　policies.　©　(2014)　Trans　Tech　Publications,　Switzerland.