Chinese wind turbine manufacturer Envision Energy has established a joint venture (JV) with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries.
The partnership will manufacture and assemble key renewable energy components including turbine blades, nacelles (housings over turbine parts) and hubs.
This move is in line with Saudi Arabia’s target to source 75% of renewable energy components locally by 2030, as part of its national renewable energy program.
Envision Energy will own the majority stake in the JV, while PIF and Vision Industries will own the remainder.
PIF, Saudi Arabia’s sovereign wealth fund, is known for its investments in renewable energy projects such as wind power, photovoltaics, hydrogen and energy storage.
Vision Industries focuses on the development of industrial projects in the field of green energy and the establishment of local supply chains.
The JV agreement ceremony was attended by PIF Governor Yasir Othman Al-Rumayyan and Envision Chairman Lei Zhang.
PIF said in a statement: “Globally, PIF has chosen Envision as its JV partner due to Envision’s leadership in green energy, including smart wind power, energy storage systems and green hydrogen solutions that address the challenges of climate change.
“The company has topped the list of wind energy orders for two years in a row, making it a key player in the global energy transition.”
In June 2023, Envision Energy secured 1.67 GW of capacity contract for the supply of wind turbines from Air Products to NEOM Green Hydrogen Company, a joint venture between Acwa Power, Air Products and NEOM.
Envision has agreed to supply and install 171 6.5 MW wind turbines, which will be operational in 2026.
“Envision Energy forms JV with PIF to produce renewable components” was originally created and published by Energy technologya brand of GlobalData.
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