Chinese turbine maker Envision Energy has launched a joint venture with Saudi Arabia's Public Investment Fund (PIF) to focus on manufacturing and assembling wind turbine components, including blades, nacelles, and hubs.
Envision Energy holds the majority share in the venture, with PIF and Vision Industries holding the remainder.
The collaboration aims to support Saudi Arabia's goal of localising 75% of renewable energy components by 2030, in line with the Saudi Ministry of Energy's National Renewable Energy Program.
PIF, the country's sovereign wealth fund, invests in renewable energy initiatives such as wind power, photovoltaics, hydrogen, and energy storage.
Vision Industries, an investor and developer of green energy projects, is also part of the joint venture. “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,” Envision stated.
The agreement signing ceremony was attended by PIF governor Yasir Othman Al-Rumayyan, Envision chairman Lei Zhang, and board members of Vision Industries.
