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Saudi Arabia’s Public Investment Fund (PIF) has acquired a stake of up to 9.5% in offshore wind energy company Skyborn Renewables.
Skyborn, based in Bremen, Germany, develops and operates wind and power plants and is currently present in 15 markets in Europe and the Asia Pacific region.
The PIF said it is investing in the company alongside US-based investment fund Global Infrastructure Partners (GIP), with the aim of participating in the energy transition and building strategic economic partnerships to achieve sustainable returns to unlock economic opportunities globally.
Skyborn has a pipeline of 30GW gross of offshore wind projects and has under-construction projects in Germany, France and Taiwan, the PIF said. The fund has existing investments in renewable energy companies such as ACWA Power as well as the Sudair and Al Shuaibah Solar Energy projects, as well as the development of electric vehicles E1, Lucid Motors, and Saudi Arabia’s Ceer.
Turqi A Alnowaiser, deputy governor and head of international investments division, PIF, said the fund saw “significant growth opportunities” for Skyborn.
“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,” he said.
Matt Harris, founding partner, GIP, said: “We are excited to have one of our most important investor partners, PIF, invest alongside us in Skyborn Renewables.”
(Writing by Imogen Lillywhite; editing by Seban Scaria)
