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. The deal covers multiple large-scale wind and solar power plants.
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Counterparts (5)
Developer
Aramco
company · 1 deals
Aramco is one of the world's largest integrated energy and chemicals companies, creating value across the hydrocarbon chain and delivering societal and economic benefits to people and communities around the globe. They are committed to playing a leading role in the Energy Transition and helping the world achieve a net-zero economy.
The Public Investment Fund
company
The Public Investment Fund (PIF) is Saudi Arabia's sovereign wealth fund. It invests in a diversified portfolio of assets, including infrastructure, both domestically and internationally, to achieve long-term financial returns and support Saudi Arabia's economic development.
Acwa
company · 2 deals
ACWA Power is a developer, investor, and operator of power generation and desalinated water plants. They focus on delivering electricity and potable water reliably and responsibly at a low cost, driving social and economic development in the communities they invest in.
China Electric Power Construction Group Co., Ltd.
company
China Electric Power Construction Group Co., Ltd. (POWERCHINA) is a Chinese state-owned enterprise that provides investment, development, construction, and operation services for energy and infrastructure projects globally. The company focuses on power generation, water infrastructure, transportation, and other infrastructure sectors.
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Deal Analysis
Energy China and PowerChina securing $4.3 billion in EPC contracts for 5 GW of wind and solar projects in Saudi Arabia represents a significant development in the Kingdom's renewable energy ambitions. The deal involves multiple large-scale wind and solar power plants, signaling a substantial commitment to diversifying Saudi Arabia's energy mix. Key players include Chinese state-owned enterprises Energy China and PowerChina as EPC contractors, alongside ACWA Power, the Public Investment Fund, and Aramco Power as developers, indicating a strong collaboration between international expertise and local investment.
This transaction underscores Saudi Arabia's commitment to its Vision 2030 plan, which includes a substantial increase in renewable energy capacity. The involvement of major Chinese EPC firms highlights their growing dominance in the global renewable energy construction market. The scale of the projects, coupled with the participation of prominent developers like ACWA Power and the backing of the Public Investment Fund, suggests a high level of confidence in the long-term viability and profitability of renewable energy investments in Saudi Arabia. This deal could pave the way for further collaborations between Chinese EPC companies and Saudi Arabian entities in the renewable energy sector.
- Total deal value of $4.3 billion for 5 GW of renewable energy capacity.
- Involvement of major players: Energy China, PowerChina, ACWA Power, Public Investment Fund, and Aramco Power.
- Focus on both wind and solar technologies, diversifying Saudi Arabia's renewable energy portfolio.
- Highlights the strategic importance of Saudi Arabia as a key market for renewable energy development.
Source Intelligence
KEY DETAILS
PowerChina won contracts for the Afif 1 and Afif 2 solar projects in Riyadh, each with 2 GW of installed capacity. The combined contract value is CNY 11.719 billion. "PowerChina won contracts for the Afif 1 and Afif 2 solar projects in Riyadh, each with 2 GW of installed capacity. The combined contract value is CNY 11.719 billion."
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Deal Size
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.
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Capacity
The projects include 3 GW of wind capacity and one 2 GW solar installation.
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Location
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.
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PPA Details
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.
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Announcement
October 24, 2025
PARTIES MENTIONED IN SOURCE
E
Energy China Engineering Group
contractor
"China Energy Engineering Group (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)."
P
Power Construction Corp. of China
contractor
"China Energy Engineering Group (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)."
A
ACWA Power
partner
"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."
P
Public Investment Fund
partner
"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."
A
Aramco Power
partner
"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."
A
Afif Renewable Energy Company
buyer
"The agreements were signed with Afif Renewable Energy Company, a consortium led by ACWA Power."
S
Saudi Power Procurement Co.
offtaker
"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."
high quality
Enriched Feb 19, 2026
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