KSA Business: Saudi PIF buys major stake in offshore wind developer Skyborn – Gulf Digital News

KSA Business: Saudi PIF buys major stake in offshore wind developer Skyborn – Gulf Digital News

Saudi sovereign wealth fund PIF (Public Investment Fund) has acquired a 9.5% stake in Skyborn Renewables, a leading offshore wind developer and operator, alongside Global Infrastructure Partners (GIP), an independent infrastructure investment fund.

Announcing the key stake deal, PIF said the investment in Skyborn was 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.

This 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, it stated.

According to PIF, 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 GW of capacity developed to-date, and a presence in over 15 European and APAC markets.

Deputy Governor and Head of the International Investments