Envision Energy has announced a strategic joint venture with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries in an effort to accelerate wind power growth in the region.
The joint venture will focus on manufacturing and assembling wind turbines and components, including blades, nacelles, and hubs. Envision Energy, recently recognised as the “Green Giant” among TIME’s 100 Most Influential Companies of 2024, will hold the majority share in the venture, with PIF and Vision Industries holding the remainder.
This collaboration aligns with Saudi Arabia’s ambitious goal of localising 75 percent of renewable energy components by 2030, as outlined in the Saudi Ministry of Energy’s National Renewable Energy Programme. It also marks a significant step towards achieving the objectives of Saudi Arabia’s Vision 2030 plan.
PIF, Saudi Arabia’s sovereign wealth fund and a global investment powerhouse, chose Envision as its partner due to the company’s leading position in green power technologies. Envision’s expertise spans smart wind power, energy storage systems, and green hydrogen solutions, making it a key player in the global energy transition.
This partnership is expected to play a crucial role in Saudi Arabia’s energy transformation, supporting PIF’s mission to develop upcoming renewable energy initiatives across various sectors, including wind power, photovoltaics, hydrogen, and energy storage.
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