Saudi Arabia’s Public Investment Fund has acquired a 9.5 percent stake in German renewable firm Skyborn Renewables, as the growing sovereign wealth fund of the Kingdom continues to expand with international investments.
The investment in Skyborn, a leading offshore wind developer in the European and Asia Pacific region, will allow PIF to accelerate its energy transition journey at an international scale, a press release from the fund said.
Skyborn Renewables 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, the release said. This investment “will allow PIF to participate in the acceleration of energy transition and clean energy at an international scale.”
The investment was made alongside Global Infrastructure Partners (“GIP”), the global, independent infrastructure investment fund.
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, the press release added.
“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,” Turqi A. Alnowaiser, Deputy Governor and Head of the International Investments Division at PIF, said.
