Saudi’s PIF acquires up to 9.5% stake in Skyborn Renewables

Saudi Arabia’s sovereign wealth fund, Public Investment Fund (PIF) has announced the acquisition of up to 9.5 per cent in Skyborn Renewables, an offshore wind developer and operator, alongside Global Infrastructure Partners.

The investment will allow PIF to participate in the acceleration of energy transition and clean energy at an international scale through an investment in a geographically diversified offshore wind energy platform, the fund said in a statement.

#PIF announced today the acquisition of up to 9.5% of Skyborn Renewables, a leading offshore wind developer and operator, alongside Global Infrastructure Partners, an independent investment fund.

Read more: https://t.co/AqJnVQDBYI pic.twitter.com/kZONKVBjVG

— Public Investment Fund (@PIF_en) December 12, 2022

The Skyborn platform includes interests in operating and under-construction projects in Germany, France and Taiwan as well as a pipeline of over 30 GW (gross) of highly diversified offshore wind projects in various stages of development.

The company has over two decades of development experience, has developed over 7GW of capacity developed to-date, and maintains a presence in over 15 European and APAC markets.

PIF has been investing in the low carbon sector such as electric vehicles and solar energy projects, to help develop 70 per cent of Saudi Arabia’s renewable energy by 2030. The fund has invested in renewable energy companies such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, and in the development of electric vehicles through investments in E1, Lucid Motors and Ceer.

Read: Saudi Crown Prince launches kingdom’s first electric vehicle brand

The fund and Saudi Tadawul Group also announced the Voluntary Carbon Market Initiative last year, which in October 2022 held an inaugural auction of 1.4 million tons of carbon credits.

Read: Saudi Arabia sets up carbon market firm to support net-zero goal

“This investment opportunity enhances our objectives to increase our portfolio of investments in the low carbon sector, which now includes solar, power generation, electric vehicles and offshore wind energy. Offshore wind has a key role to play in driving global decarbonisation and we see significant growth opportunities for Skyborn,” said Turqi A. Alnowaiser, deputy governor and head of the international investments division at PIF.