Envision Energy has launched a joint venture with PIF and Vision Industries. Credit: Envision Energy/ PRNewswire.

Chinese wind turbine maker 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 blades, nacelles [cover housing over turbine components] and hubs.

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The move aligns with Saudi Arabia’s objective to localise 75% of renewable energy components by 2030, as part of its National Renewable Energy Program.

Envision Energy will hold the majority stake in the JV while PIF and Vision Industries 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.

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Vision Industries focuses on developing green energy industrial projects and establishing local supply chains.

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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 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.”

In June 2023, Envision Energy secured a 1.67GW wind turbine supply contract from Air Products for the NEOM Green Hydrogen Company – a JV involving Acwa Power, Air Products and NEOM.

Envision agreed to deliver and install 171 6.5MW wind turbines which will come online by 2026.