Saudi Arabia’s Public Investment Fund (PIF) has acquired up to a 9.5 percent stake in offshore wind farm developer Skyborn Renewables as it intends to boost its clean energy portfolio.
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.
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 percent of Saudi Arabia’s renewable energy by 2030.
In October, Skyborn Renewables was acquired by a group of investors that include Abu Dhabi-based sovereign wealth fund Mubadala Investment Company and Global Infrastructure Partners.
Mr. Turqi A. Alnowaiser, Deputy Governor and Head of the International Investments Division at PIF, said that, “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,” Mr. Alnowaiser added.
Furthermore, 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.
According to the statement, “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.”
“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,” commented Mr. Matt Harris, Founding Partner of Global Infrastructure Partners.