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Envision Energy, recently recognized as the “Green Giant” on the 2024 TIME100 Most Influential Companies list, has announced a strategic joint venture with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries. This joint venture aims to accelerate the growth of wind power across the Middle East, furthering the region’s transition to a cleaner, more sustainable energy future.
The joint venture will focus on the manufacturing and assembly of wind turbines and components, including blades, nacelles, and hubs. Envision Energy will hold the majority share in the JV, while PIF and Vision Industries will share the remainder. This collaboration aligns with Saudi Arabia’s ambitious goal of localizing 75% of renewable energy components by 2030, as part of the Saudi Ministry of Energy’s National Renewable Energy Program.
PIF, the sovereign wealth fund of Saudi Arabia, is one of the world’s most impactful investors and plays a pivotal role in the Kingdom’s energy transformation mission. The fund is committed to developing renewable energy initiatives such as wind power, photovoltaics, hydrogen, and energy storage. Vision Industries, known for its expertise in green energy projects and local supply chains, complements this mission.
Envision Energy was chosen as PIF’s JV partner due to its leadership in the green energy sector, particularly in smart wind power, energy storage systems, and green hydrogen solutions. The company has been a top player in wind power order intake for two consecutive years, solidifying its position as a key contributor to the global energy transition.
The joint venture between Envision, PIF, and Vision Industries combines PIF’s strong investment capabilities with Envision Energy’s advanced wind power technology. This collaboration highlights the significant international cooperation and shared vision for advancing clean energy solutions. The partnership marks a crucial step towards achieving Saudi Arabia’s Vision 2030 objectives and underscores global efforts to transition to a sustainable energy future.
The launch ceremony was attended by key dignitaries, including H.E. Yasir Othman Al-Rumayyan, the Governor of PIF; Lei Zhang, Chairman of Envision; and board members of Vision Industries, along with other notable figures from the renewable energy sector.
