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Saudi PIF acquires 9.5% stake in Germany’s Skyborn Renewables

Skyborn Renewables Skyborn Renewables
PIF has a strong track record of investing in the low-carbon sector

Saudi Arabia’s Public Investment Fund (PIF) acquired a 9.5 percent stake in Germany’s Skyborn Renewables.

The investment will allow PIF to accelerate the energy transition and scale up its international clean energy ambitions by partnering with a geographically diversified offshore wind energy platform, it said in a statement.

No financial details were disclosed.

In October, UAE’s Mubadala Investment Company acquired a stake in Skyborn Renewables to bolster its rapidly growing clean and sustainable energy portfolio. 

The Skyborn platform includes interests in operating and under-construction projects in Germany, France and Taiwan, as well as a pipeline of over 30 giga watts (GW) 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 African, Asian and Pacfic 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 developing 70 percent of Saudi Arabia’s renewable energy by 2030. 

The fund has significant investments in renewable energy companies such as ACWA Power and Sudair and Al Shuaibah Solar Energy projects, along with the development of electric vehicles through investments in E1, Lucid Motors and Ceer. 

In 2021, PIF and Saudi Tadawul Group also announced the voluntary carbon market initiative, holding an inaugural auction of 1.4 million tons of carbon credits, the largest-ever carbon credit sale, in October 2022.

Turqi A. Alnowaiser, deputy governor and head of the international investments division, PIF, said the latest investment opportunity enhances the fund’s objectives to increase its portfolio of investments in the low carbon sector, which 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,” he said.

PIF’s investment in Skyborn aligns with its aim to build strategic economic partnerships to achieve sustainable returns and unlock promising economic opportunities globally. 

The fund deploys capital domestically and globally in strategic sectors with significant long-term growth potential that will contribute to maximising its assets and diversifying the kingdom’s economy in line with Vision 2030, the statement noted.