Saudi fund PIF acquires stake in offshore wind developer and operator Skyborn Renewables

The investment will allow PIF to participate in the energy transition and in the clean energy sector through an investment in a geographically diversified offshore wind energy platform.

The Skyborn platform includes interests in operational under-construction projects in Germany, France and Taiwan as well as a pipeline of over 30 GW of offshore wind projects in various stages of development.

PIF has a 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 deputy governor and head of international investments Turqi A Alnowaiser said, “This investment increases our portfolio of investments in the low carbon sector, which includes solar, power generation, electric vehicles and offshore wind. 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.”

GIP founding partner Matt Harris said, “We are excited to have one of our most important investor partners, PIF, invest alongside us in Skyborn Renewables.

“Offshore wind is an important component of the transition to clean, renewable power. The investment supports our commitment to the energy transition through the continued growth of global renewable power generation.”

GIP launched Skyborn Renewables in September 2022. The company was previously operated as wpd offshore.