On October 11, 2025, Power Construction Corporation of China (601669.SH) announced that its subsidiaries had signed contracts with Saudi Arabia's Afif Renewable Energy Company for the Afif 1 Photovoltaic and Afif 2 Photovoltaic projects, with a total contract amount of up to RMB 11.719 billion. The Afif photovoltaic project contracts signed by Power Construction Corporation of China consist of two separate projects. The contract amount for the Afif 1 photovoltaic project is approximately RMB 5.843 billion, and the contract amount for the Afif 2 photovoltaic project is approximately RMB 5.876 billion. The two projects are located in the town of Afif, Riyadh Province, in central Saudi Arabia, and the projects include the construction of a photovoltaic field with a total capacity of 2000MW, as well as supporting facilities such as step-up stations and transmission lines. The contract duration for both projects is 26 months, which means that two large photovoltaic power stations will be added to the Saudi desert in just over two years. The signing parties are a consortium consisting of Power Construction Corporation of China's subsidiaries - Sinohydro Corporation Limited and Power Construction Corporation of China Huadong Engineering Corporation Limited, and Power Construction Corporation of China. This "joint venture" model is where Power Construction Corporation of China's advantage lies in international market competition. Trillion-Yuan Energy Giant

As a super-large central enterprise supervised by the State-owned Assets Supervision and Administration Commission of the State Council, Power Construction Corporation of China (POWERCHINA) originated from the General Administration of Water Conservancy Engineering, Ministry of Water Resources, established in 1950, and was reorganized in September 2011. After over 70 years of development, the company has formed four core sectors: water conservancy, energy, urban construction, and digital economy. Currently, the company boasts 128 subsidiaries, 27 national-level research and development platforms, and its business covers 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, POWERCHINA's total assets amounted to 1.358497 trillion yuan. With a registered capital of up to 31.9 billion yuan, the company employs 180,000 people and has business and institutions spread across more than 130 countries and regions worldwide. POWERCHINA has repeatedly won prestigious awards in the industry: in 2023, it ranked 105th on the Fortune Global 500 list; in the same year, it topped the ENR Global Top 150 Engineering Design Firms list, and has maintained the top spot for four consecutive years. Its technological prowess is equally impressive: the company boasts one CAE Member and five National Engineering Survey and Design Masters; it possesses 10 national-level research and development institutions and 118 provincial and ministerial-level research and development platforms. As of June 2024, POWERCHINA has received 112 National Science and Technology Awards and 3,561 provincial and ministerial-level scientific and technological progress awards, with 35,375 authorized patents. In the first eight months, it secured new orders worth 128.072 billion yuan for photovoltaic projects

In recent years, PowerChina's investment and achievements in the field of photovoltaic power generation have been remarkable. From January to August 2025, the company signed 724 new solar power generation projects, with a total contract amount of 128.072 billion yuan. In August 2025, the company secured multiple billion-yuan photovoltaic projects, including the Dadin Kawa photovoltaic project in Nigeria and the 1 million-kilowatt photovoltaic project for low-carbon transformation in the Jinghe Industrial Park of Huaneng Xinjiang Company's Southern Xinjiang Branch. In terms of installed capacity, as of the end of June 2025, the solar power generation installed capacity controlled by PowerChina reached 13.0408 million kilowatts, representing a year-on-year increase of 60.87%, ranking first among various power sources. Furthermore, PowerChina is promoting the spin-off and listing of its subsidiary, PowerChina New Energy Group. The subsidiary's application was accepted by the Shanghai Stock Exchange on September 12, 2025, with a proposed fundraising of 9 billion yuan to drive a total investment of 48.481 billion yuan in wind and solar power projects. In the first half of 2025, the net profit reached 5.426 billion yuan

While expanding its business, PowerChina has maintained a stable financial performance. According to the company's latest semi-annual report for 2025, the operating revenue for the first half of the year reached 292.757 billion yuan, representing a year-on-year increase of 2.66%. The company's net profit for the first half was 5.426 billion yuan, down 13.81% year-on-year. The gross profit margin stood at 11.23%, a decrease of 1.04 percentage points from the previous year. As of the end of June 2025, the company had signed a total of 686.699 billion yuan in new contracts, marking a 5.83% increase compared to the same period last year, and had achieved 49.13% of its annual target of signing 1.3978 trillion yuan in new contracts. Among these, the newly signed international business contracts amounted to 141.665 billion yuan, representing a year-on-year increase of 17.50%, with a growth rate significantly higher than that of domestic business. Nowadays, the successful signing of the Saudi Afif photovoltaic project marks another breakthrough for PowerChina in the overseas photovoltaic market, following the signing of the 100 MW photovoltaic power station in the second phase of Chisamba, Zambia, in September. This enterprise, which originated from the Yangtze River, is sailing towards the vast expanse of clean energy with technological innovation as its vessel and a global vision as its sail.Editor/Bian Wenjun