The Public Investment Fund (PIF) has purchased a stake in Global Infrastructure Partners (GIP) offshore wind firm Skyborn Renewables, with plans to invest in further sustainable energy projects.
Skyborn has a more than 7 GW offshore wind portfolio, with five operational and under-construction projects in Germany, France, and Taiwan, as well as a 30 GW pipeline of diverse offshore wind projects in various stages of development.
PIF has been investing in the low-carbon sector, including electric vehicles and solar energy projects, as part of a pledge to develop 70% of the Kingdom’s renewable energy by 2030. In 2021, together with the Tadawul Group, it introduced a voluntary carbon market initiative, which, in October 2022, held an inaugural auction of 1.4 million tons of carbon credits, the biggest ever carbon credit sale.
Skyborn has a more than 7 GW offshore wind portfolio
Turqi A Alnowaiser, Deputy Governor and Head of the International Investments Division at PIF, commented: “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.”
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