Saudi Arabia’s Public Investment Fund (PIF) is poised to sign a deal with China’s Envision Energy Company to establish a wind turbine manufacturing plant in the Kingdom, according to sources cited by Bloomberg. The agreement is expected to be finalised this week.
The collaboration includes Vision Industries, a privately owned renewable-energy manufacturer, highlighting a significant step towards localising supply chains in Saudi Arabia.
Envision Energy is already supplying wind turbines for the $9 billion Neom Green Hydrogen Company, a key project in Saudi Arabia’s renewable energy agenda.
In related developments, the state-backed Saudi Power Procurement Company (SPCC) signed two power purchase agreements in May with a consortium led by Japan’s Marubeni Corporation. These agreements aim to procure power from the 600-megawatt AlGhat and 500-megawatt Wa’ad Alshamal wind projects.
Saudi Arabia has significantly increased its renewable energy production capacity, expanding from 700 megawatts in 2022 to over 2.2 gigawatts currently. The Kingdom has more than 8 gigawatts of renewable energy projects under development and an additional 13 gigawatts in the pipeline.
This new venture between Envision Energy, PIF, and Vision Industries aims to further bolster wind power growth throughout West Asia, aligning with Saudi Arabia’s ambitious Vision 2030 initiative to diversify its energy sources and reduce its reliance on oil.
