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Renewable Energy M&A: Saudi’s PIF joins GIP as an investor in multi-gigawatt German offshore wind platform Skyborn Renewables

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Saudi’s Public Investment Fund (PIF) will acquire up to a 9.5% stake in Skyborn Renewables, alongside veteran renewables investment firm Global Infrastructure Partners (GIP). The Skyborn platform includes interests in operating and under-construction projects in Germany, France, and Taiwan, as well as a 30 GW development pipeline at various stages of maturity in Europe and the APAC region. The operational projects are backed by long-term power purchase agreements (PPAs) with investment-grade utilities. Most recently, Skyborn entered the Australian offshore wind market through a 50:50 JV with Australis Energy, to develop 1.4 GW of projects. The company also owns ~1 GW of operational and under-development onshore wind assets in Western European countries, such as Germany, Spain, Sweden, and France, as well as early-to-mid-stage projects in the Philippines and Vietnam. 

The deal marks PIF’s entry into the global offshore wind space and adds to its existing low-carbon portfolio, which comprises holdings in ACWA Power and gigawatt-sized, utility-scale solar projects in the Middle East, along with investments in electric vehicle manufacturers and service providers. PIF has committed to developing 70% of Saudi Arabia’s renewable energy by 2030.

Skyborn Renewables previously operated as wpd offshore and was rebranded in Sep '22 after it was acquired by GIP earlier during the year. Since then, the company has also secured an investment from Mubadala and is now well-positioned to execute its capital-intensive project pipeline. 

The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.

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