Vision Group, in collaboration with the Public Investment Fund (PIF) of Saudi Arabia and Vision Industries, has announced the establishment of a joint venture in Saudi Arabia aimed at accelerating the region's transition to clean energy. This initiative underscores a pivotal step towards a cleaner and more sustainable future in the Middle East.
Under the agreement, the joint venture will focus on localized manufacturing of wind turbine equipment and essential components. Vision Group will be the majority shareholder in the joint venture, with PIF as the second largest shareholder, and Vision Industries holding the remaining equity. The venture is poised to support Saudi Arabia's goal of achieving 75% localization in the wind power value chain by 2030, thereby facilitating the clean energy transformation across the Middle East. PIF, one of the world's most influential sovereign wealth funds, is committed to advancing Saudi Arabia's renewable energy agenda and achieving its "2030 Vision" through developments in wind power, solar energy, hydrogen, and energy storage. Vision Industries, a leading investor and developer in green energy projects, will contribute to the localization of the supply chain.

Yazeed Al-Humied of PIF emphasized that the fund aims to drive the adoption of leading renewable energy technologies in Saudi Arabia through strategic partnerships and investments, supporting national renewable energy plans.

The selection of Vision Group as a partner on a global scale by PIF underscores Vision's leadership in global green transformation, offering cutting-edge products and technologies in wind power, energy storage, green hydrogen, power batteries, and smart IoT solutions. Vision's innovative power systems and zero-carbon industrial parks are pivotal in driving global decarbonization efforts. Vision's wind turbine business has secured the largest global bidding volume for two consecutive years, with overseas orders accounting for 70% of all Chinese wind turbine enterprise orders.

Chairman Zhang Lei of Vision Group highlighted the synergistic potential between China's Belt and Road Initiative and Saudi Arabia's Vision 2030, positioning Vision Group as a leader in new energy systems. Through localized industrial chain development, Vision Group aims to drive the growth of Saudi Arabia's new industrial system.

The new power systems not only ensure the core of a clean, stable, and secure energy system but also lay a solid foundation for industrial low-carbon transformation and deep adjustment. Vision Group brings mature new energy equipment technology and new power system solutions, complemented by PIF's robust investment capabilities and Vision Industries' localization expertise. Through mutually beneficial international cooperation, these three entities are poised to pave the way towards a brighter zero-carbon future.

Source : www.chinatrucks.com

Editor : Alison

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Tags : Saudi Arabia Vision PIF