LIVE UPDATES
The Saudi Public Investment Fund (PIF) and the second-largest wind turbine manufacturer in China are on the verge of finalizing a deal to establish a new plant in Saudi Arabia.
This initiative aims to enhance renewable energy production by localizing the supply chain through the construction of a wind turbine manufacturing facility.
The agreement, expected to be signed this week, involves the PIF, Vision Industries, and Envision Energy Co., as reported by Bloomberg. Envision is likely to be the primary investor in this partnership, which is in line with Saudi Arabia's efforts to localize its supply chains.
Envision already has a significant presence in Saudi Arabia, where the country is making substantial investments in renewable energy to reduce its reliance on oil for power generation.
Additionally, the Chinese company provides wind turbines for the Neom Green Hydrogen Co., a project worth nearly $9 billion that will utilize 4 gigawatts of solar and wind power to produce clean hydrogen.
