Over 183 GW PV Power Station EPC Finalized

In 2024, China's PV installations will continue to grow, driving active EPC bidding activities.

According to public data compiled by Polaris, there were 2,889 PV EPC project tenders nationwide in 2024, totaling approximately 187 GW. Central and state-owned enterprises such as SPIC and China Energy Investment Corporation remain the main developers, with 22 enterprises having tender scales at the GW level, totaling over 118 GW, accounting for 63% of the total tenders.

From the perspective of winning bid results, over 183 GW of projects have announced results, including over 87.8 GW for ground-mounted power stations, over 32.3 GW for large bases, more than 50 GW for distributed PV projects (excluding whole-county projects), over 11 GW for whole-county distributed projects, and 965 MW for offshore PV.

In terms of bid-winning time, the months with the most awards were concentrated in H2. Starting from September, the EPC awarded scale continued to rise. Months with awarded scales exceeding 20 GW were July, November, and December, totaling 75 GW, accounting for 41% of the total awarded capacity.

From the perspective of winning enterprises, as the two major players in China's power engineering EPC construction, China Energy Engineering Group and Power Construction Corporation of China secured over 60 GW of PV EPC projects in 2024.

Among private enterprises, companies such as Sungrow New Energy, GoodWe, Chint Aneng, GCL, Risen Energy, TBEA, LONGi, and Zhongnan PV also achieved notable results.

Winning Bid Price

Despite a significant drop in equipment prices in 2024, the decline in EPC prices was relatively small, with an average price of 3.304 yuan/W.

Ground-Mounted Power Stations

In 2024, central enterprises such as China Huadian Corporation, China Datang Corporation, and China Energy Investment Corporation initiated over 96.9 GW of ground-mounted power station EPC tenders.

From the perspective of bid-winning results, over 87.8 GW of projects have announced results. The bid-winning unit price indicates that the large EPC price for ground-mounted power stations decreased compared to 2023, with an average winning bid price of 3.304 yuan/W, representing a YoY decline of 4.7%. The highest winning bid price was 6.893 yuan/W for the Ganzi Xiangcheng Gongza PV Power Generation Project EPC General Contract Section I, which includes an ESS. The lowest winning bid price was 2.688 yuan/W for the Zhenning Benzhai Town Yu'ao Agricultural PV Power Station Project.

In 2024, the small EPC average price for ground-mounted power stations was 1.665 yuan/W. The highest price was 2.969 yuan/W for the CEC Shaanxi Baoji Longxian 100 MW PV Power Generation Project, with procurement excluding PV modules and inverters. The lowest price was 0.959 yuan/W for the Datang Yunnan Mengyou (190 MW) Tea-Light Complementary PV Power Generation Project, with procurement excluding ESS, modules, and inverters.

Large Bases

As an important model for China's new energy development and construction, significant progress was made in 2024 in the construction of large wind and solar bases. The first batch of large base projects has been gradually commissioned, while the second and third batches are accelerating.

According to public data compiled by Polaris, in 2024, large base projects were initiated in regions such as Gansu, Guizhou, Inner Mongolia, Ningxia, Qinghai, Shandong, Sichuan, and Xinjiang, with a tender scale exceeding 33 GW. Six central and state-owned enterprises, including China Three Gorges Corporation, China Energy Investment Corporation, Ningxia Power Investment Group, China Huadian Corporation, Guizhou Energy Group, and Inner Mongolia Energy Group, each had tender scales exceeding 2 GW.

Currently, over 32 GW of projects have announced bid-winning results. For large EPC projects, the average winning bid price was 2.061 yuan/W. The highest price was 3.599 yuan/W for the Upper Jinsha River Clean Energy Base Agri-Light Complementary 700 MW PV Power Generation Project - Section 1, awarded to PowerChina Chengdu Engineering Corporation Limited. The lowest price was 1.56 yuan/W for the Lingzhou-Shaoxing DC Supporting Lingwu 2 GW Composite PV Base Project - Section 3, awarded to China Energy Engineering Jiangsu Electric Power Construction First Engineering Company Limited.

For small EPC projects, the average winning bid price was 1.277 yuan/W. The highest price was 2.481 yuan/W for the Liangshan Meigu County 940 MW PV Power Station - Section 1, awarded to a consortium comprising Shanghai Investigation, Design & Research Institute Co., Ltd., China Construction Third Engineering Bureau Co., Ltd., and China Aneng Group First Engineering Bureau Co., Ltd. The lowest price was 0.91 yuan/W for the Guoneng Urumqi PV Power Generation Co., Ltd. Guoneng Midong District 600 MW PV Phase II 290 MW Project, with procurement excluding modules and inverters.

Distributed PV (Excluding Whole-County Projects)

In 2024, distributed PV in China maintained its growth momentum. According to public data compiled by Polaris, PV power station developers such as China National Nuclear Corporation, China Southern Power Grid, and China Energy Investment Corporation initiated over 51 GW of distributed PV EPC tenders.

From the perspective of bid-winning results, over 50 GW of projects have announced results. For large EPC projects, the average winning bid price was 3.236 yuan/W, down 13.8% compared to 2023. The highest winning bid price was 4.78 yuan/W for the China Resources Power Shiyan Dongfeng Commercial Vehicle Co., Ltd. Rooftop 57.1 MWp Distributed PV Power Generation Project, which includes ESS. The lowest winning bid price was 2.88 yuan/W for the Shandong Tianji Energy Co., Ltd. 24 MW Distributed PV Power Generation Project, which includes but is not limited to engineering survey and design, necessary review services, equipment and material procurement, engineering construction, commissioning, and grid connection.

For small EPC projects, the average winning bid price was 2.303 yuan/W. The highest price was 2.98 yuan/W for the Shandong Qingzhou Donghong Phase II 14.58856 MWp PV Project, with inverters supplied by the owner. The lowest price was 0.94 yuan/W for the Foshan Yingchuangjie Technology Co., Ltd. PV Power Generation Project and Jiangmen Jiatai Electronics Co., Ltd. PV Project, with modules supplied by the owner.

Whole-County Distributed PV

In 2024, the whole-county distributed PV EPC tender scale exceeded 14 GW nationwide, with China National Nuclear Corporation leading at 2.97 GW.

The whole-county distributed PV EPC awarded scale reached 11 GW. For large EPC projects, the average winning bid price was 3.05 yuan/W. The highest price was 3.65 yuan/W for the Laohekou City Distributed PV Whole-County Promotion Project (Phase II), which includes ESS. The lowest price was 2.35 yuan/W for the Xiangyun County Distributed PV Construction Project, with the winning bidder responsible for procuring all equipment and materials.

For small EPC projects, the average winning bid price was 1.963 yuan/W. The highest price was 2.8 yuan/W for the Yan'an Baota District 10 MW Distributed PV EPC Project, utilizing rooftops of schools, government buildings, and residential buildings in the area, awarded to Northwest Water Conservancy and Hydropower Engineering Co., Ltd. The lowest price was 1.358 yuan/W, with Zhongsen Construction Group Co., Ltd. securing the Huaneng Hainan Company Yangpu Whole-County Distributed PV Phase III Project for 14.8079 million yuan.

Offshore PV

In 2024, driven by policy support and technological advancements, over 965 MW of offshore PV EPC projects have announced results. PowerChina Hebei Electric Power Survey & Design Institute Co., Ltd., Shandong Electric Power Engineering Consulting Institute Co., Ltd., and PowerChina Northwest Engineering Corporation Limited secured the China Power Construction Qinhuangdao Changli 300 MW Offshore PV Pilot Project, Datang Jinneng Qiziwan 200 MW Offshore PV Power Generation Project, and CGN Yantai Zhaoyuan 400 MW Offshore PV Project (HG30) (re-tender), with winning bid prices of 3.598 yuan/W, 3.497 yuan/W, and 6.92 yuan/W, respectively.