Envision Energy has revealed the establishment of a strategic joint venture with the Public Investment Fund (PIF) of Saudi Arabia and Vision Industries, aimed at advancing the development of wind energy within the Kingdom.
The collaborative effort will concentrate on the production and assembly of wind turbine components, such as blades, nacelles, and hubs. Envision Energy, recently hailed as the “Green Giant” by TIME for its influential role in the sector, will possess the majority stake in the enterprise, while PIF and Vision Industries will share the remaining interest.
This venture is in line with Saudi Arabia’s pursuit to domestically produce 75% of renewable energy components by 2030, a target set by the National Renewable Energy Programme under the Ministry of Energy. It also represents a major leap towards fulfilling the aims of Saudi Arabia’s Vision 2020 initiative.
The sovereign wealth fund of Saudi Arabia, PIF, has selected Envision for its prowess in innovative green technologies. Envision’s prowess encompasses smart wind turbines, energy storage, and green hydrogen production, positioning it at the forefront of the worldwide shift to sustainable energy.
The alliance is anticipated to be pivotal in Saudi Arabia’s shift towards renewable energy, aiding PIF’s strategy to foster renewable energy projects in various sectors, which include wind energy, solar power, hydrogen fuel, and energy storage solutions.
