PIF purchases a stake in Skyborn Renewables worth up to 9.5%

The Public Investment Fund (PIF) announced the acquisition of up to 9.5% of Skyborn Renewables, an offshore wind developer and operator, alongside Global Infrastructure Partners (GIP), the global, independent infrastructure investment fund.

Through investment in a globally diverse offshore wind energy infrastructure, the investment will enable PIF to take part in the global acceleration of the energy transition and sustainable energy.

Skyborn will give PIF 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. With 20 years of development experience, the company has a current track record of 7.0 GW capacity and is spread across 15 European and APAC markets.

As part of its promise to create 70% of Saudi Arabia’s renewable energy by 2030, PIF has a proven track record of investing in low-carbon projects like solar energy projects and electric vehicle initiatives. PIF has made significant investments in firms that use renewable energy sources, including ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, as well as in the advancement of electric car technology through investments in E1, Lucid Motors, and Ceer.

In 2021, PIF and Saudi Tadawul Group also announced the Voluntary Carbon Market (“VCM”) Initiative, which in October 2022 held an inaugural auction of 1.4 million tons of carbon credits, the largest-ever carbon credit sale.

Turqi A. Alnowaiser, Deputy Governor and Head of the International Investments Division at PIF said “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 decarbonization and we see significant growth opportunities for Skyborn.”

He added “Our partnership with Skyborn and GIP will help drive the development of innovative sustainable technology, which positions Saudi Arabia as an enabler of industries of the future and the creator of new opportunities.”

Matt Harris, Founding Partner of Global Infrastructure Partners said ” We are excited to have one of our most important investor partners, PIF, invest alongside us in Skyborn Renewables. Offshore wind is an important component of the transition to clean, renewable power. The investment supports our commitment to the energy transition through the continued growth of global renewable power generation.”

PIF’s investment in Skyborn is consistent with its aim to establish strategic business alliances to generate long-term profits and open up new markets around the world. To maximise its assets and diversify Saudi Arabia’s economy in line with Vision 2030, PIF invests capital both domestically and internationally in strategic industries with high long-term growth potential.