PIF ACQUIRES UP TO 9.5% STAKE IN SKYBORN RENEWABLES, A LEADING GLOBAL OFFSHORE WIND ENERGY DEVELOPER AND OPERATOR

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  • PIF is investing in one of the world’s premier developers and operators of offshore wind power plants alongside leading infrastructure investor Global Infrastructure Partners
  • Skyborn Renewables has over 20 years of development experience, a track record of over 7.0 GW of capacity developed to-date and a presence in over 15 European and APAC markets
  • This investment will allow PIF to participate in the acceleration of energy transition and clean energy at an international scale
  • PIF’s investment in Skyborn is in line with its mission to build strategic economic partnerships to achieve sustainable returns and unlock promising economic opportunities globally

Riyadh:  The Public Investment Fund (“PIF”) announced today the acquisition of up to 9.5% of Skyborn Renewables (“Skyborn”), a leading offshore wind developer and operator, alongside Global Infrastructure Partners (“GIP”), the global, independent infrastructure investment fund. The investment will allow PIF to participate in the acceleration of energy transition and clean energy at an international scale through an investment in a geographically diversified offshore wind energy platform.

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 (gross) of highly diversified offshore wind projects in various stages of development. The company has over 20 years of development experience, a track record of over 7.0 GW of capacity developed to-date, and a presence in over 15 European and APAC markets.

PIF has a strong track record of investing in the low carbon sector such as electric vehicles and solar energy projects, as part of a commitment to develop 70% of Saudi Arabia’s renewable energy by 2030. PIF has major investments in renewable energy companies such as ACWA Power and the Sudair and Al Shuaibah Solar Energy projects, and in the development of electric vehicles through investments in E1, Lucid Motors and Ceer.

In 2021, PIF and Saudi Tadawul Group also announced the Voluntary Carbon Market (“VCM”) Initiative, which in October 2022 held an inaugural auction of 1.4 million tons of carbon credits, the largest-ever carbon credit sale.

Turqi A. Alnowaiser, Deputy Governor and Head of the International Investments Division at PIF, said:  “This investment opportunity enhances our objectives to increase our 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.”

Matt Harris, Founding Partner, 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.”

PIF’s investment in Skyborn is in line with its mission to build strategic economic partnerships to achieve sustainable returns and unlock promising economic opportunities globally. PIF deploys capital domestically and globally in strategic sectors with significant long-term growth potential that will contribute to maximizing its assets and diversifying Saudi Arabia’s economy in line with Vision 2030.

ABOUT PIF

The Public Investment Fund (PIF) is one of the largest and most impactful sovereign wealth funds in the world. Since 2015, when the Board was reconstituted and oversight transferred to the Council of Economic and Development Affairs, the Fund’s board of directors has been chaired by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs, and Chairman of the Public Investment Fund. PIF a leading role in advancing Saudi Arabia’s economic transformation and diversification, as well as contributing to shaping the future of the global economy. Since 2017, PIF has established 66 companies and created, directly and indirectly, more than 500,000 jobs as at the end of 2021.

PIF is building a diversified portfolio by entering into attractive and long-term investment opportunities in 13 strategic sectors in Saudi Arabia and globally. PIF’s strategy, as set out in the PIF Program 2021-2025 – one of the Vision 2030 realization programs – aims to enable many promising sectors and contribute to increasing local content by creating partnerships with the private sector, in addition to injecting at least 150 billion riyals annually into the local economy. PIF works to transfer technologies and localize knowledge to build a prosperous and sustainable economy domestically. As the investment arm Saudi Arabia, PIF looks to make unique investments, and is building strategic alliances and partnerships with prestigious international institutions and organizations, which contribute to achieving real long-term value for Saudi Arabia, in line with the objectives of Vision 2030. PIF has also created an operational governance model that reflects its main tasks and objectives, in line with best international practices. Applying this model of governance enhances the level of transparency and effectiveness in decision-making and future progress.

About Global Infrastructure Partners

GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. GIP’s global renewables portfolio includes solar, wind, hydro, and battery storage assets representing 19 GW of operating and construction capacity, royalty interests in over 20 GW of operating renewable projects, and over 173 GW of assets under construction or in development. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $87 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $73 billion and employ over 100,000 people.