Saudi fund picks up stake in GIP’s offshore wind developer Skyborn

Saudi Arabia’s Public Investment Fund (PIF) has snapped up a slice of Global Infrastructure Partners’ (GIP) offshore wind developer Skyborn Renewables, setting its sights on more clean energy developments.

Skyborn has an offshore wind portfolio with a capacity of more than 7 GW with five operating and under-construction projects in Germany, France and Taiwan as well as a 30 GW pipeline of diversified offshore wind projects in various stages of development.

GIP acquired the Bremen-based developer from Wpd for an undisclosed sum and rebranded it earlier this year. The unit is led by Achim Berge Olsen.

PIF has been 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, and last year, together with Tadawul Group, it launched a voluntary carbon market initiative, which in October 2022 held an inaugural auction of 1.4m tons of carbon credits, the largest-ever carbon credit sale.

“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 decarbonisation and we see significant growth opportunities for Skyborn,” said Turqi A. Alnowaiser, deputy governor and head of the international investments division at PIF.

Earlier in October, Abu Dhabi state investor Mubadala also acquired an undisclosed stake in Skyborn Renewables, together with GIP’s 50% interest in a 1.6 GW Bluepoint Wind project off New Jersey and New York.