Saudi PIF acquires 9.5% of the shares of “Skyborn Renewables”
A world pioneer in developing and managing offshore wind energy production technology, “Skyborn Renewables”, announced that the Saudi Public Investment Fund (PIF) had purchased up to 9.5% of the company.
Investing in a platform to produce offshore wind energy in several regions worldwide will strengthen the Fund’s participation efforts to enable the development of clean energy sources.
The assets of the company «Skyborn Renewables» include stakes in projects existing or under implementation in Germany, France, and Taiwan,
“Skyborn Renewables” also includes various future projects to produce more than 30 gigawatts of offshore wind energy.
It has more than 20 years of experience in the development field, in addition to an extensive record of achievements that includes the development of about 7 gigawatts.
“Skyborn Renewables” is present in more than 15 countries in Europe, Asia, and countries bordering the Pacific Ocean.
The Public Investment Fund (PIF) owns several strategic investments in low-carbon sectors such as electric vehicles, solar energy projects, and others
The fund aims to develop 70% of the renewable energy generation capacity in the Kingdom by 2030.
This includes multiple investments in the renewable energy sector, such as the ACWA Power Company, the Sudair Solar Energy Project, the Shuaiba Solar Energy Project, and others
The fund announced in September 2021 that it intended to create a voluntary market initiative for the trade of carbon credits by the Public Investment Fund and the Saudi Tadawul Group.
This announcement resulted in the organization of the first and largest auction of its kind in the world to trade 1.4 million tons of carbon credit in October 2022.
The investment is in line with the Public Investment Fund’s strategy, which aims to build strategic economic partnerships in the long term to achieve sustainable returns.
As a global impactful investor, the Public Investment Fund (PIF) has a world-class investment portfolio with a focus on sustainable investments, both domestically and internationally. It climbed one spot in the global ranking of sovereign wealth funds, to the 6th place thanks to a share transfer from Saudi Aramco. It assets have climbed by $40 billions.
