RIYADH, Saudi Arabia,
July 16, 2024 /PRNewswire/ --
Envision Energy, recognized as the "Green Giant" among the "2024
TIME100 Most Influential Companies", has unveiled a strategic joint
venture (JV) with Saudi Arabia's
Public Investment Fund (PIF) and Vision Industries. This venture
aims to accelerate the wind power growth throughout the
Middle East, committing to driving
the region's 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
Arabia's goal of localizing 75% of renewable energy
components by 2030, in line with the Saudi Ministry of Energy's
National Renewable Energy Program.
PIF is the sovereign wealth fund of Saudi Arabia and one of the world's most
impactful investor. It embraces the Kingdom's 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 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. The company has topped the wind power order
intake for two consecutive years, making it a key player in the
worldwide energy transition.
Envision's JV with both parties brings together PIF's robust
investment capabilities and Envision Energy's 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 Arabia's Vision 2030 objectives and
advances global efforts in the clean energy transition and
sustainable future.
The ceremony was attended by H.E. Yasir
Othman Al-Rumayyan, the Governor of PIF, Lei Zhang, Chairman
of Envision, and board members of Vision Industries, among
others.
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