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The JV will focus on manufacturing and assembling the wind turbines and components, including blades, nacelles and hubs
Envision Energy has unveiled a strategic joint venture (JV) with Saudi Arabias Public Investment Fund (PIF) and Vision Industries. This venture aims to accelerate the wind power growth throughout the Middle East, committing to driving the regions 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 Arabias goal of localizing 75 per cent of renewable energy components by 2030, in line with the Saudi Ministry of Energys National Renewable Energy Program.
PIF is the sovereign wealth fund of Saudi Arabia and one of the worlds most impactful investor.
It embraces the Kingdoms 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 Envisions 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.
Envisions JV with both parties brings together PIFs robust investment capabilities and Envision Energys 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 Arabias Vision 2030 objectives and advances global efforts in the clean energy transition and sustainable future.
The ceremony was attended by Yasir Othman Al-Rumayyan, the Governor of PIF, Lei Zhang, Chairman of Envision, and board members of Vision Industries, among others. -TradeArabia News Service |
