Envision Energy has recently announced the creation of a joint venture (JV) focused on the fabrication and assembly of wind energy components, such as blades, nacelles, and hubs, specifically targeting the burgeoning Middle Eastern market.
The alliance includes heavyweight partners such as the Public Investment Fund (PIF) of Saudi Arabia and Vision Industries. The union is aimed at propelling the region’s expansion in wind energy. While the financial specifics remain undisclosed, the venture is expected to have a substantial impact.
With Envision Energy holding a majority stake in the JV, the remaining shares are split between PIF and Vision Industries. This strategic venture is poised to contribute significantly to Saudi Arabia’s ambitious target of localizing 75 percent of its renewable energy components by 2030. This objective is a key component of the Saudi Ministry of Energy’s National Renewable Energy Program.
The selection of Envision Energy by PIF for this partnership is attributed to Envision’s acclaimed status in the realm of renewable energy. Envision’s expertise spans smart wind power, comprehensive energy storage solutions, and innovative green hydrogen technologies, all of which are crucial in combating climate change. Notably, Envision Energy has led the market in wind power order intake for the past two years.
The inaugural ceremony of this JV was graced by the presence of notable figures such as Yasir Othman Al-Rumayyan, Governor of PIF, Lei Zhang, Chairman of Envision, and board members from Vision Industries, among others.
