Chinese turbine maker Envision Energy has launched a joint venture (JV) with Saudi Arabia’s Public Investment Fund (PIF).
The JV will focus on manufacturing and assembling the machines 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 localising 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 the country and invests in upcoming renewable energy initiatives, including wind power, photovoltaics, hydrogen and energy storage.
Vision Industries is an 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 ceremony was attended by PIF governor Yasir Othman Al-Rumayyan, Envision chairman Lei Zhang and board members of Vision Industries, among others.