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Chinese PV Industry Brief: Energy China secures 5 GW EPC deal in Saudi Arabia

Views: 0     Author: Site Editor     Publish Time: 2025-10-18      Origin: Site

Energy China has signed three EPC contracts worth $2.7 billion for 5 GW of wind and solar projects in Saudi Arabia with partners including PIF and Aramco Power.

Saudi Solar industrial use

China Energy Engineering Corporation (Energy China) announced that a consortium formed by its subsidiaries — China Energy International Construction Group, Guangdong Thermal Power Engineering, and Northwest Electric Power Design Institute — had signed three engineering, procurement and construction (EPC) contracts for renewable energy projects in Saudi Arabia. The consortium partnered with a project company jointly established by the Saudi International Company for Power and Water, the Public Investment Fund (PIF), and Aramco Power. The total contract value amounts to USD 2.745 billion (CNY 19.55 billion). The projects will comprise 3 GW of wind power and 2 GW of solar power, with completion expected within 30 months.


GCL Technology Holdings Ltd. reported that its photovoltaic materials business returned to profitability in the third quarter of 2025, marking a turnaround after prior losses. The company posted a profit of around CNY 960 million (USD 132 million) for the quarter, compared with a net loss of CNY 1.81 billion (USD 249 million) in the same period last year. GCL also disclosed that its average production cash cost for granular silicon — including R&D expenses — fell to CNY 24.16 per kilogram (USD 3.32), down 10.8% from CNY 27.07/kg (USD 3.72) in the first quarter. The company said this cost level meets the latest national standards under China’s Energy Consumption Limits for Polycrystalline Silicon and Germanium Products guidelines.


DMEGC Magnetics released its earnings forecast for the first three quarters of 2025, projecting a net profit between CNY 1.39 billion (USD 191 million) and CNY 1.53 billion (USD 211 million), up 50.1%–65.2% from CNY 926 million in the same period last year. As of the end of June 2025, the company’s total assets stood at CNY 25.33 billion (USD 3.48 billion), with a debt-to-asset ratio of 56.99%. By business segment, photovoltaics remains DMEGC’s core growth driver, contributing CNY 8.05 billion (USD 1.11 billion) in revenue during the first half of 2025, up 36.6% year-on-year and accounting for 67.5% of total revenue. The magnetic materials and lithium battery segments remained stable, generating revenues of CNY 1.94 billion (USD 267 million) and CNY 1.29 billion (USD 177 million) respectively, each up roughly 4% year-on-year.


Leascend Technology Co., Ltd. announced the termination of a major asset restructuring plan. The company had previously proposed to acquire a 69.71% stake in Xingchu Century Technology Co., Ltd. through a combination of share issuance and cash payment, while also planning to raise supporting funds through a private placement to its subsidiary Hainan Leascend Technology Co., Ltd. Leascend said the decision to terminate the deal was due to the parties’ failure to reach an agreement on key terms such as valuation and transaction price.


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