Chinese PV Industry Brief: Energy China, PowerChina win Saudi EPC deals

<p class="p1"><span class="s1">Energy China and PowerChina have secured $4.3 billion of engineering, procurement, and construction (EPC) contracts for gigawatt-scale wind and solar projects in Saudi Arabia.</span></p><p><strong>China Energy Engineering Group</strong> (Energy China) and Power Construction Corp. of China (PowerChina) have signed EPC contracts for gigawatt-scale renewable energy projects in Saudi Arabia, valued at CNY 31.273 billion ($4.3 billion). The deal covers multiple large-scale wind and solar power plants. Energy China, in partnership with ACWA Power, the Public Investment Fund (PIF), and Aramco Power, secured three contracts worth a combined CNY 19.554 billion. The projects include 3 GW of wind capacity and one 2 GW solar installation. PowerChina won contracts for the Afif 1 and Afif 2 solar projects in Riyadh, each with 2 GW of installed capacity. The agreements were signed with Afif Renewable Energy Company, a consortium led by ACWA Power. Both projects include 132 kV substations, 132 kV transmission lines, and associated grid connection infrastructure. The combined contract value is CNY 11.719 billion. Once completed, all five facilities will sell electricity to Saudi Power Procurement Co. (SPPC) under long-term power purchase agreements, supporting the country’s energy supply stability.</p>
<p><strong>Longi Green Energy</strong> said it has secured a 400 MW order for back-contact (BC) solar modules in the Shanghai Electric Fengxian No.1 offshore PV installation. The project followed the competitive allocation scheme issued by Shanghai’s Development and Reform Commission on Nov. 15, 2024, which awards full technical scores to modules with 24% conversion efficiency. As a result, several offshore PV tenders have been won by BC technology-based products.</p>
<p><strong>Shuangliang Eco-Energy</strong> said its net profit attributable to shareholders rose 164.75% to CNY 53.18 million in the third quarter, despite revenue falling 49.86% year on year to CNY 1.688 billion. From the start of the year to the end of the reporting period, revenue reached CNY 6.076 billion, down 41.27%, while the company narrowed its net loss to CNY 544 million, a 59.42% decline year on year. Earnings per share improved to negative CNY 0.2901, reflecting a 59.48% increase. The company said the third-quarter improvement was driven by lean management, efficiency gains, declining PV product costs, and a rebound in monocrystalline silicon prices.</p>
<p><strong>The China Nonferrous Metals Industry Association</strong> (CNMIA) has released the latest weekly polysilicon prices. N-type dense recharging material traded between CNY 49,000 and CNY 55,000 per metric ton (MT), with an average of CNY 53,200/MT, unchanged week on week. N-type granular silicon traded between CNY 50,000/MT and CNY 51,000/MT, averaging CNY 50,500/MT, also stable. The number of major contract-signing enterprises rose to six this week, though overall trading activity remained subdued, with transaction volumes broadly in line with previous periods. On the demand side, fourth-quarter installation expectations remain weak, with limited new orders for cells and modules. Wafer manufacturers have maintained operating rates, keeping demand for silicon materials stable. On the supply side, three companies resumed production this month, and polysilicon output is expected to rise slightly in October.</p>