China Power Construction Secures 11.7 Billion Yuan Solar Deal in Saudi Arabia

Total Amount: 11.7 Billion Yuan! State-Owned Enterprises Secure Major Solar Deal in the Middle East

On October 11, 2025, China Electric Power Construction (601669.SH) announced that its subsidiary has signed contracts with Saudi Afif Renewable Energy Company for the Afif 1 and Afif 2 solar photovoltaic projects in Saudi Arabia. The total contract value amounts to 11.719 billion yuan. The contracts consist of two independent projects: the Afif 1 project is valued at approximately 5.843 billion yuan, while the Afif 2 project is about 5.876 billion yuan.

These projects are located in Afif Town, Riyadh Province, in central Saudi Arabia. They include the construction of a solar power facility with a total capacity of 2000 MW, as well as supporting infrastructure such as substations and transmission lines. The contract duration for both projects is set at 26 months, indicating that two large solar power stations will be added to the Saudi desert in just over two years.

The signing was facilitated by a consortium comprising China Hydropower Construction Group International Engineering Co., Ltd., China Electric Power Construction Group East China Survey and Design Institute, and China Power Construction Group Co., Ltd. This collaborative approach represents a competitive advantage for China Electric Power Construction in international markets.

Energy Giant with Trillions in Assets

China Electric Power Construction, a major state-owned enterprise supervised by the State-owned Assets Supervision and Administration Commission, was formed in September 2011 from the former Ministry of Water Resources’ Bureau of Hydraulic Engineering, which was established in 1950. After over 70 years of development, the company has established four core sectors: water resources, energy, urban construction, and digital economy.

The company operates 128 subsidiaries and has 27 national-level research and development platforms, covering over 130 countries and regions. It has been listed in the Fortune Global 500 for ten consecutive years, ranking 105th in 2024. As of June 30, 2025, the total assets of China Electric Power Construction reached 1.358497 trillion yuan. The registered capital is as high as 31.9 billion yuan, with around 180,000 employees worldwide.

China Electric Power Construction has received numerous accolades in the industry. In 2023, it climbed to 105th on the Fortune Global 500 list and topped the ENR Global Engineering Design Firms list for the fourth consecutive year. The company’s technical capabilities are also noteworthy, with 1 member from the Chinese Academy of Engineering and 5 national engineering design masters. It possesses 10 national-level R&D institutions and 118 provincial-level research platforms.

As of June 2024, China Electric Power Construction had been awarded 112 national science and technology awards, 3,561 provincial and ministerial-level awards for technological advancement, and holds 35,375 authorized patents.

Recent Achievements in the Solar Sector

China Electric Power Construction’s investments and achievements in photovoltaic power generation have been remarkable in recent years. From January to August 2025, the company signed 724 new solar power projects, with a total contract value of 128.072 billion yuan. In August 2025, it secured several solar projects worth over 100 million yuan, including the Dadinkawa Solar Project in Nigeria and the Low-Carbon Transformation Solar Project in Xinjiang.

By the end of June 2025, the installed capacity of solar power controlled by China Electric Power Construction reached 13.0408 million kilowatts, representing a year-on-year growth of 60.87%, the highest among all types of power sources. Additionally, the company is facilitating the spin-off of its subsidiary, Electric Power Construction New Energy Group, which has applied for listing on the Shanghai Stock Exchange as of September 12, 2025, aiming to raise 9 billion yuan and stimulate a total investment of 48.481 billion yuan in wind and solar projects.

In the first half of 2025, the company achieved a net profit of 5.426 billion yuan. According to its latest semi-annual report for 2025, it recorded an operating income of 292.757 billion yuan, a 2.66% year-on-year increase. The net profit for the first half of the year decreased by 13.81% compared to the previous year, with a gross profit margin of 11.23%, down by 1.04 percentage points.

As of June 30, 2025, the total amount of newly signed contracts reached 686.699 billion yuan, a 5.83% increase year-on-year, achieving 49.13% of the annual target of 1,397.8 billion yuan in new contracts. The newly signed international business contracts amounted to 141.665 billion yuan, reflecting a year-on-year increase of 17.50%, significantly outperforming domestic business growth.

The successful signing of the Afif solar project follows the recent contract for the 100 MW solar power station in Zambia, marking another breakthrough for China Electric Power Construction in the overseas solar market. This enterprise, which originated from the Yangtze River, continues to navigate toward the vast ocean of clean energy, propelled by technological innovation and a global vision.