Saudi PIF to acquire new deal with a global energy company

The Saudi Public Investment Fund (PIF) revealed on Monday a new acquisition deal with a global company specialized in developing and operating energy production technologies using offshore wind.

The Public Investment Fund announced its acquisition of up to 9.5% in the “Skyborn Renewables” company, a world leader in developing and operating energy production technologies using offshore wind, along with “Global Infrastructure Partners”, which is one of the most important global managers in asset management in the Infrastructure sector.

The step will contribute to enhancing the efforts of the Public Investment Fund to enable the growth of clean energy sources, by investing in a platform to produce offshore wind energy in several regions around the world.

The PIF said in a statement that the assets of Skyborn Renewables include stakes in existing or under-implement ion projects in Germany, France, and Taiwan, in addition to various future projects, with the aim of producing more than 30 gigawatts of offshore wind energy.

Pointing out that “Skyborn Renewables” has more than 20 years of experience in the field of development, in addition to a wide record of achievements that includes the development of approximately 7 gigawatts currently, in addition to the presence in more than 15 countries in Europe, Asia and countries bordering on Pacific.

PIF stated that it has a number of strategic investments in low-carbon sectors such as electric vehicles and solar energy projects, in which 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 AquaPower, the Sudair solar energy project, the Shuaiba solar energy project, and the electric vehicle sector through investing in the E1 Series electric marine racing company and Lucid Motors.

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. Its assets have climbed by $40 billion.

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