REM: Saudi Arabia’s sovereign wealth fund buys stake in offshore wind developer Skyborn Renewables

The Saudi Arabian sovereign wealth fund has bought a stake in Germany-based Skyborn Renewables, an offshore wind developer.

Saudi Arabia’s Public Investment Fund (PIF) has taken a 9.5% stake in Skyborn,

In September, Global Infrastructure Partners (GIP), the independent infrastructure investor, announced the launch of Skyborn, which had previously been operated as wpd offshore.

Skyborn has interests in operating and under-construction projects in Germany, France and Taiwan and also a pipeline of more than 30 GW offshore wind projects in various stages of development.

PIF said that the transaction will allow it to “participate in the energy transition and clean energy at an international scale.”

The sovereign wealth fund PIF has more than 20 years of development experience, a track record of more than 7 GW of electric generating capacity developed so far and a presence in more than 15 European and APAC markets.

PIF has previously invested in electric vehicle (EVs) and solar energy projects. It has a goal of developing 70% of the renewable energy in Saudi Arabia by 2030.

In October, the Abu Dhabi-based and state-owned investor Mubadala Investment Company bought a stake in Skyborn. The size of the holding was not disclosed.

Offshore wind is growing exponentially.  The market was an estimated $27.3bn in 2021 and is predicted to be $129bn by the end of the decade.