PIF acquires up to 9.5% stake in global offshore wind energy developer – Saudi Gazette

PIF acquires up to 9.5% stake in global offshore wind energy developer – Saudi Gazette

RIYADH — The Public Investment Fund (PIF) announced Monday 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