Saudi sovereign wealth fund Public Investment Fund (PIF) is investing in an offshore wind business owned by Global Infrastructure Partners (GIP).
PIF is investing an undisclosed amount to acquire up to 9.5% of Skyborn Renewables which previously operated as WPD offshore.
The Skyborn platform includes interests in operating and under-construction projects in Germany, France and Taiwan as well as a pipeline of over 30 GW of diversified offshore wind projects in various stages of development.
Turqi A Alnowaiser, deputy governor and head of the international investments division at PIF, said the Skyborn investment enhances the sovereign wealth fund’s objectives to increase its 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,” said Alnowaiser.
Matt Harris, a founding partner at Global Infrastructure Partners, 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.”
Back in May, GIP announced an agreement to acquire WPD’s offshore wind business. Following the closing of the transaction on 15 September, GIP branded the offshore wind business and renamed it Skyborn Renewables.
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