PIF acquires up to 9.5% stake in Skyborn Renewables, Leading global offshore wind ‎energy developer and operator ‎

The Public Investment Fund (“PIF”) announced today 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.‎

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 20 years of ‎development experience, a track record of over 7.0 GW of capacity developed to-date, and a ‎presence in over 15 European and APAC markets. ‎

PIF has a strong track record of investing in the low carbon sector such as electric vehicles and ‎solar energy projects, as part of a commitment to develop 70% of Saudi Arabia’s renewable ‎energy by 2030. PIF has major investments 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. ‎

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.‎

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, 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 in line with its mission to build strategic economic partnerships to ‎achieve sustainable returns and unlock promising economic opportunities globally. PIF deploys ‎capital domestically and globally in strategic sectors with significant long-term growth potential ‎that will contribute to maximizing its assets and diversifying Saudi Arabia’s economy in line ‎with Vision 2030. ‎