Envision Energy Launched Joint Venture with PIF and Vision Industries
RIYADH, Saudi Arabia, July 16, 2024 /PRNewswire/ -- Envision Energy, recognized as the "Green Giant" among the "2024 TIME100 Most Influential Companies", has unveiled a strategic joint venture (JV) with Saudi Arabia's Public Investment Fund (PIF) and Vision Industries. This venture aims to accelerate the wind power growth throughout the Middle East, committing to driving the region's journey towards a cleaner, more sustainable future.
The JV will focus on manufacturing and assembling the wind turbines and components, including blades, nacelles and hubs. Under the agreement, Envision Energy holds the majority share in the JV, while PIF and Vision Industries hold the remainder. The collaboration will support Saudi Arabia's goal of localizing 75% of renewable energy components by 2030, in line with the Saudi Ministry of Energy's National Renewable Energy Program.
PIF is the sovereign wealth fund of Saudi Arabia and one of the world's most impactful investor. It embraces the Kingdom's energy transformation mission by developing upcoming renewable energy initiatives, including wind power, photovoltaics, hydrogen, energy storage, etc. Vision Industries is a leading investor and developer of green energy industrial projects and local supply chains. Globally, PIF chose Envision as its JV partner due to Envision's leading position in green power, encompassing smart wind power, energy storage systems, and green hydrogen solutions that address the challenges of climate change. The company has topped the wind power order intake for two consecutive years, making it a key player in the worldwide energy transition.
Envision's JV with both parties brings together PIF's robust investment capabilities and Envision Energy's cutting-edge wind power technology, highlighting the profound international cooperation and shared vision for transitioning to clean energy. This partnership marks a significant step toward Saudi Arabia's Vision 2030 objectives and advances global efforts in the clean energy transition and sustainable future.
The ceremony was attended by H.E. Yasir Othman Al-Rumayyan, the Governor of PIF, Lei Zhang, Chairman of Envision, and board members of Vision Industries, among others.
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