Envision Energy, a prominent Chinese turbine manufacturer, has established a strategic joint venture (JV) with the Public Investment Fund (PIF) of Saudi Arabia.
This new business collaboration will concentrate on the production and assembly of essential wind turbine components, including blades, nacelles, and hubs.
In this JV, Envision Energy retains majority ownership, with the PIF and Vision Industries owning the remaining shares.
The partnership is set to advance Saudi Arabia’s ambition to localize 75% of its renewable energy components by 2030. This is a key objective of the Saudi Ministry of Energy’s National Renewable Energy Program.
The PIF, Saudi Arabia’s sovereign wealth fund, is actively investing in emerging renewable energy projects, such as wind energy, solar power, hydrogen, and energy storage technologies.
Vision Industries, participating as an investor and developer, focuses on green energy industrial projects and establishing local supply chains.
Envision was chosen by the PIF for its global prominence in sustainable power solutions, including smart wind technologies, energy storage, and green hydrogen, all aimed at mitigating climate change impacts.
Distinguished guests at the signing ceremony included PIF governor Yasir Othman Al-Rumayyan, Envision’s chairman Lei Zhang, and board members from Vision Industries.
