PIF acquires up to 9.5% of wind energy operator Skyborn Renewables

Logos of the Public Investment Fund (PIF) and Skyborn Renewables

The Public Investment Fund (PIF) announced today, Dec. 12, the acquisition of up to 9.5% of Skyborn Renewables (Skyborn), a leading offshore wind developer and operator, alongside Global Infrastructure Partners (GIP), the global, independent infrastructure investment fund.

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.

In a statement received by Argaam, the PIF said the acquisition covers Skyborn's stakes in existing and under-construction projects in Germany, France and Taiwan. This is along with a pipeline of over 30 GW (gross) of highly-diversified offshore wind projects in various stages of development.

Skyborn has over 20 years of development experience, a track record of over 7.0 GW of capacity developed to-date. This is besides having presence in over 15 European and Asia-Pacific (APAC) markets.

PIF has a strong track record of investing in the low carbon sector such as electric vehicles (EVs) and solar energy projects, as part of a commitment to develop 70% of Saudi Arabia’s renewable energy by 2030. The fund has major investments in renewable energy companies such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, together with the development of EVs through investments in E1, Lucid Motors and Ceer.

In September 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.

“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,” Turqi Alnowaiser, Deputy Governor and Head of the International Investments Division at PIF, said.

The PIF’s partnership with Skyborn and GIP will help drive the development of innovative sustainable technology. This positions Saudi Arabia as an enabler of industries of the future and the creator of new opportunities, he added.

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