A signing ceremony among Envision Group, PIF, and Vision Industries. [Photo/Wuxi Daily]
World-leading green-tech company Envision Group announced on July 16 that it will set up a wind power equipment joint venture with Public Investment Fund and Vision Industries in Saudi Arabia.
The joint venture is expected to produce wind turbines and key components and parts locally, assist Saudi Arabia in achieving 75 percent localization of wind power value by 2030, and help develop clean energy in the Middle East.
Envision Group is named among the 100 most influential companies of 2024 by Time. [Photo/Wuxi Daily]
Saudi Arabia's PIF is one of the most influential sovereign wealth funds globally, tasked with supporting the renewable energy transition and realizing Saudi Vision 2030. The fund is committed to developing renewable energy sources such as wind power, solar power, and hydrogen energy.
Why did PIF choose Envision as a partner on a global scale?
Founded in Jiangyin, Wuxi, Envision has taken center stage in global clean energy initiatives. The new power system and zero-carbon industrial park developed by the group are becoming an important force in global decarbonization.
Wind power equipment produced by Envision Group. [Photo/Wuxi Daily]
In addition, for two consecutive years, Envision's wind turbine business has won the largest number of bids globally, and its overseas wind turbine orders have accounted for 70 percent of all orders obtained by Chinese wind turbine companies.
Envision was also named among the 100 most influential companies of 2024 and designated a Green Giant by Time.
Zhang Lei, CEO of Envision Group, noted that China's Belt and Road Initiative and Saudi Vision 2030 will provide new impetus for the global zero-carbon transition and that Envision will effectively promote the development of a new industrial system in Saudi Arabia via localization construction of the industrial chain.
