Envision Energy, known as the "Green Giant" in 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 collaboration aims to boost the growth of wind power across the Middle East, contributing to the region's shift towards a cleaner, more sustainable future.

Source: Envision Group

The JV will concentrate on manufacturing and assembling wind turbines and their components, such as blades, nacelles, and hubs. Envision Energy will hold the majority stake in the JV, with PIF and Vision Industries owning the remainder. This partnership aligns with Saudi Arabia's target to localize 75% of renewable energy components by 2030, in accordance with the Saudi Ministry of Energy's National Renewable Energy Program.

PIF, as the sovereign wealth fund of Saudi Arabia, is a globally influential investor committed to the Kingdom's energy transformation goals by spearheading renewable energy projects like wind power, photovoltaics, hydrogen, and energy storage. Vision Industries is a prominent investor in green energy projects and local supply chains. PIF selected Envision as its JV partner due to Envision's expertise in green energy solutions, including intelligent wind power, energy storage, and green hydrogen technologies addressing climate change challenges. Envision has led in wind power order intake for two consecutive years, positioning it as a key player in the global energy transition.

The partnership between Envision and both entities combines PIF's strong investment capabilities with Envision Energy's innovative wind power technology, showcasing international collaboration and a shared vision for a transition to clean energy. This collaboration is a significant stride towards Saudi Arabia's Vision 2030 goals and contributes to global efforts in clean energy transition and sustainability.

The event was graced by H.E. Yasir Othman Al-Rumayyan, the Governor of PIF, Lei Zhang, Chairman of Envision, and board members from Vision Industries, among other distinguished guests.