Envision Energy has announced a strategic joint venture (JV) with Saudi Arabia’s Public Investment Fund (PIF) and Vision Industries to accelerate wind power growth throughout the Middle East.
The JV will focus on manufacturing and assembling 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. This collaboration supports 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, Saudi Arabia’s sovereign wealth fund and one of the world’s most impactful investors, embraces the Kingdom’s energy transformation mission by developing upcoming renewable energy initiatives, including wind power, photovoltaics, hydrogen, and energy storage.
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. Envision has topped the wind power order intake for two consecutive years, making it a key player in the worldwide energy transition.
This partnership marks a significant step toward achieving Saudi Arabia’s Vision 2030 objectives and advancing global efforts in the clean energy transition and sustainable future.
Earlier last year, Envision Energy announced that it had signed a contract with Air Products to supply 1.67-gigawatt (GW) wind turbines for the world’s largest green hydrogen plant being built by NEOM Green Hydrogen Company within the NEOM giga project in north-west Saudi Arabia.
Air Products is the Engineering, Procurement and Construction (EPC) contractor and exclusive off-taker of green ammonia to be produced from the project.
Envision will supply its Model EN:171/6.5MW wind turbines and these are expected to be fully operational by 2026, according to reports.
