Saudi Arabia’s public investment fund has bought a 9.5% stake in German renewable energy company Skyborn as the fund continues to expand its assets in global markets.
The investment in Skyborn Renewables, one of the leading offshore wind developers in Europe and the Asia-Pacific region, enables PIF to accelerate its energy transition journey internationally. The investment was made in collaboration with Global Infrastructure Partners, according to the press release.
It was further noted that the German company has more than 20 years of experience in this field and has so far developed more than 7 gigawatts in more than 15 European countries and several APAC markets.
Skyborn also has several projects in progress in Germany, France, and Taiwan, with a pipeline of over 30 GW of highly diverse offshore wind projects currently in various stages of development.
The PIF is currently working to meet its commitment to develop 70 percent of Saudi Arabia’s electricity needs through renewable energy by 2030, as the Kingdom aims to reach its net-zero goal by 2060.
“Offshore wind plays a key role in reducing global carbon emissions, and we see significant growth opportunities for Skyborn,” said Turqi A. Alnowaiser, PIF Deputy Governor and Head of International Investments.
The press release added that PIF will leverage capital both domestically and internationally to maximize its assets, which in turn will diversify the Saudi economy in line with Vision 2030 goals.
“We are delighted that one of our major investors, Partners PIF, is investing with us in Skyborn Renewables. “The investment supports our commitment to the energy transition through the continued growth of global renewable power generation,” said Matt Harris, founding partner of the firm. global infrastructure partners.
PIF directed major investments in renewable energy companies, which include ACWA Power and the Sudair and Al Shuaibah solar projects. The
The Foundation is also investing in E1 and Lucid Motors to develop electric vehicles.
Earlier in November, Crown Prince Mohammed bin Salman launched the first Saudi Arabian electric vehicle brand, Ceer, which is expected to contribute to the Kingdom’s efforts to reduce carbon dioxide emissions and promote sustainable development to combat the effects of climate change.
To strengthen its journey towards sustainability, PIF auctioned 1.4 million metric tons of carbon dioxide emissions in October as part of its Voluntary Carbon Market Initiative at the sixth edition of the Future Investment Initiative conference in Riyadh.
According to the Institute of Public Investment Funds, PIF currently ranks fifth among the world’s largest public investment funds with assets of $620 billion.
PIF Governor Yasir Al-Rumayyan said in October that he has a full plan to increase the fund’s assets from $2 trillion to $3 trillion by the end of this decade.
“We want to reach $1 trillion by 2025.” And we are almost below $700 billion now; we need almost 400 billion to reach that size of assets,” said Al-Rumayyan.
He added, “We have a complete plan to reach $1 trillion and $2-3 trillion between now and 2030, and His Majesty the Crown Prince is determined to achieve it.”