Vision Industries join hands with PIF and global partners to manufacture green energy systems in Saudi Arabia

Saudi Arabia’s Vision Industries, a leading investor and developer of green energy industrial projects and local supply chains, today announced partnerships with the Renewable Energy Localization Company (RELC), a fully owned PIF company, and three leading global companies to build local manufacturing capacity and supply chains of green energy systems.

The three joint ventures with Envision Energy, TCL Zhonghuan Renewable Energy (TZE) through its subsidiary LUMETECH S.A. PTE. LTD, and Jinko Solar Middle East DMCC aim to build production facilities and supply chains across wind and solar power sectors in Saudi Arabia, supporting Saudi Arabia’s ambition to generate up to 130 GW of renewable energy by 2030 as part of its Vision 2030 roadmap.

The first agreement involves a JV with PIF’s Renewable Energy Localization Company (RELC), the world-leading green technology company Envision Energy, and Vision Industries. It entails manufacturing and assembly of wind turbine generators and components including blades, with a total annual production capacity of up to 4.5 GW. Under this agreement, Envision Energy holds 50% in the JV, RELC 40% and Vision Industries holds 10%. This partnership will leverage Envision Energy’s extensive expertise and advanced technology in wind power to help Saudi Arabia maximize the market potential for large-scale wind power projects, contributing to Saudi Arabia’s ambitious goal of localizing the production of 75% of the components in Saudi renewable projects by 2030.

JV signing with representatives from RELC, Envision Energy and Vision Industries

The second joint venture between the RELC, TCL (TZE), and Vision Industries will aim to build the largest ingot wafer factory outside China, utilizing advanced technologies to localize production of solar grade ingots and wafers with an annual production capacity of 20 GW. Under this agreement, RELC will hold 40% of the JV, with TZE holding 40% and Vision Industries holding 20%.

JV signing with representatives from RELC, TCL Zhonghuan Renewable Energy and Vision Industries

The third JV between RELC, Vision Industries, and Jinko Solar Middle East DMCC aims to establish the largest N-type Cell and Modules factory outside of China, supplying photovoltaic energy technologies by localizing the manufacture of high-efficiency N-Type Cells and Modules for solar generation, with the capacity to produce up to 10 GW per year. RELC will hold 40% of the JV, Jinko Solar holding 40% and Vision Industries holding 20%.

JV signing with representatives from RELC, Jinko Solar Middle East DMCC and Vision Industries

In his comments, Ayman Al Hazmi, Chief Executive Officer of Vision Industries, said: “Vision Industries is proud to be part of these joint ventures that will significantly boost Saudi Arabia’s capacity to produce energy from renewable sources and contribute to the Kingdom’s ambition of generating 130 GW of renewable energy by 2030.”

“The joint ventures will support local and regional demand for green energy systems across the solar and wind sectors, contributing to Saudi Arabia’s aim to localize the manufacture of 75% of clean energy components by 2030”, Al Hazmi added.

With these JVs, Vision Industries is contributing to the foundation of the renewable energy industry in the Kingdom. In the next phase, Vision Industries is committed to supporting the localization of other clean energy systems and critical supply chain components such as solar glass, large-scale gearboxes, generators and bearings, as well as advanced materials such as polysilicon and resins.

Vision Industries is a partnership between two Saudi conglomerates, Abunayyan Holding and Al Muhaidib Group, which have diversified interests across various sectors. Vision Industries aims to catalyze the localization of supply chains in the Solar PV, Wind, Energy Storage and Green Hydrogen sectors by forging partnerships with industry leaders, spurring innovation, and leveraging opportunities created by Saudi Arabia’s abundant green energy resources.

The joint ventures were signed on 15th and 16th July in China in the presence of senior executives of the PIF, Vision Industries and the three partners. The executives present at the three signing ceremonies included His Excellency Yasir Al-Rumayyan, Governor of PIF; Yazeed Al-Humied, Deputy Governor and the Head of MENA Investments at PIF; Mohammed Albalaihed, Head of Energy and Utilities; Eng. Fuad Musa, Deputy Minister at Ministry of Energy; Khalid Abunayyan, Board Member of Vision Industries; Sulaiman Almuhaidib, Board Member of Vision Industries; and Ayman Al Hazmi; CEO of Vision Industries; Lei Zhang, Founder and CEO of Envision; Michael Ding, Global Executive Director, Envision Group; George Wang, CTO of Envision Energy; Li Xiande, Chairman of Jinko; Du Wei; General Manager of Supply Chain Management of Jinko; Cao Haiyun, CFO of Jinko; Li Dongsheng, Chairman of TCL Group; Shen Haoping, CEO of TZE; and Wang Sean, Executive President of International Operations of TZE.