Envision Energy, recognised as the “Green Giant” among the “2024 TIME100 Most Influential Companies,” has announced a strategic joint venture (JV) with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries
This venture aims to accelerate wind power growth across the Middle East, supporting the region’s transition to a cleaner, more sustainable future.
Under the agreement, Envision Energy will hold the majority share in the JV, with PIF and Vision Industries holding the remainder. The focus will be on manufacturing and assembling wind turbines and components like blades, nacelles, and hubs. This initiative aligns with Saudi Arabia’s ambitious goal to localize 75% of renewable energy components by 2030, as part of the National Renewable Energy Program led by the Saudi Ministry of Energy.
PIF, as one of the world’s largest sovereign wealth funds, plays a pivotal role in Saudi Arabia’s energy transformation strategy, investing in various renewable energy initiatives including wind power, photovoltaics, hydrogen, and energy storage. Vision Industries, known for its investment in green energy projects and local supply chains, brings valuable expertise to the JV.
Envision Energy was chosen for its leadership in green power technologies, including smart wind power, energy storage systems, and green hydrogen solutions. The company has been a top player in global wind power order intake for consecutive years, contributing significantly to the worldwide energy transition.
This partnership underscores international cooperation and a shared vision for advancing clean energy transitions globally. The ceremony announcing the JV was attended by key figures including H.E. Yasir Othman Al-Rumayyan, Governor of PIF, Lei Zhang, chairman of Envision, and board members of Vision Industries, highlighting the commitment to sustainable development and Saudi Arabia’s Vision 2030 objectives.
