Envision Energy, distinguished as the ‘Green Giant’ by a prominent business listing in 2024, has unveiled a collaborative venture with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries, with the goal of propelling wind energy development across the Middle East, contributing to the region’s shift towards a more eco-friendly and renewable energy landscape.
The partnership aims to manufacture and assemble key wind turbine elements, such as blades, nacelles, and hubs. Envision Energy will maintain a majority stake in the joint venture, while PIF and Vision Industries will hold the remaining shares. This initiative is in harmony with Saudi Arabia’s objective to localise 75% of renewable energy components by 2030, an ambition set by the Saudi Ministry of Energy’s National Renewable Energy Program.
As a sovereign wealth fund, PIF is recognized as one of the globe’s most influential investors, central to the Kingdom’s strategic plan for energy transition. PIF actively promotes the development of renewable energy projects, including wind, solar, hydrogen, and energy storage. Vision Industries, with its strong proficiency in green energy projects and domestic supply chains, is an integral partner in this venture.
Envision Energy’s selection as PIF’s partner in this joint venture is attributed to its leading role in the renewable sector, with a focus on intelligent wind power solutions, energy storage, and green hydrogen technologies. The company’s consecutive leadership in wind power orders over the past two years underscores its significant contributions to the worldwide movement towards sustainable energy.
The synergy between Envision, PIF, and Vision Industries merges formidable investment expertise with state-of-the-art wind technology, symbolizing a powerful international alliance for clean energy progression. This strategic move is pivotal for realizing Saudi Arabia’s Vision 2030 goals and is indicative of a broader commitment to a global sustainable energy shift.
The inauguration of this joint venture was graced by esteemed attendees, including H.E. Yasir Othman Al-Rumayyan, the Governor of PIF; Lei Zhang, Chairman of Envision; and board members of Vision Industries, in addition to other distinguished personalities from the renewable energy domain.
