Abu Dhabi's sovereign wealth fund Mubadala Investment Company and other investors, including Global Infrastructure Partners (GIP), acquired 100% of Germany's offshore wind farm developer Skyborn Renewables for an undisclosed figure, WAM news agency reported Wednesday. The deal will grow Mubadala's footprint in Europe and the Asia-Pacific region as it is pushing to expand its exposure to the booming renewable energy market, the report said.
Mubadala, which manages a global portfolio of assets valued at $284 billion, didn't unveil either the size of its stake or the value of the acquisition.
Skyborn Renewables has an offshore wind track record of over 7 gigawatts (GW) developed to date, and a portfolio of operating and under-construction projects in Germany, France, and Taiwan. The group currently has a 30 GW pipeline of offshore wind developments.
Mubadala will also buy a part of US-headquartered GIP’s 50% stake in the Bluepoint Wind project, located near the coast of New Jersey and New York. Upon completion, the wind farm will be able to serve about 900,000 residential homes.
The current 27 GW installed capacity of offshore wind is set to grow to 290 GW by 2035, the statement said. However, the forecast growth of the offshore wind market will require annual investments of $50 billion, it added. “Offshore wind is one of the most attractive and fastest-growing segments within renewables, with the sector expected to grow tenfold in the next decade,” said Khaled Al Qubaisi, CEO of real estate and infrastructure investments at Mubadala.
The move adds to Mubadala’s efforts to grow its clean and sustainable energy portfolio. In April, the sovereign wealth fund was part of a BlackRock Real Assets-led consortium, which agreed to invest $525 million into the renewable energy arm of India’s Tata Power.
In March, Mubadala was said to be among those interested in acquiring assets owned by renewable energy firm Ibitu Energia.
The UAE is investing $163.5 billion (AED 600 billion) in clean and renewable energy projects over the next three decades as it aims to achieve net zero emissions by 2050.
