Mubadala takes stake in offshore wind developer Skyborn Renewables

Abu Dhabi's investment fund Mubadala Investment Company has taken a stake in Skyborn Renewables, a German offshore wind farm developer with a 30-GW pipeline of projects in different stages of development.

Skyborn is the former offshore wind business of German renewables developer Wpd AG which was acquired by US private equity firm Global Infrastructure Partners (GIP) earlier this year.

The size of the shareholding bought by Mubadala and the amount of the investment were not disclosed in the statement published on Wednesday.

Bremen-based Skyborn has developed offshore wind projects with a combined capacity of about 7 GW and owns interests in five operating and under-construction assets in Germany, France and Taiwan. The company has about 300 employees.

As part of the deal, Mubadala is also investing in GIP’s 50% interest in a 1.6-GW offshore project in the US -- the NY Bight Project called Bluepoint Wind.

Mubadala has been actively growing its sustainable energy portfolio. Earlier in 2022, the Emirati state-run holding company joined a BlackRock (NYSE:BLK)-led a consortium that agreed to invest USD 525 million (EUR 537.0m) into the renewable energy division of India’s Tata Power Company Ltd (NSE:TATAPOWER).

(USD 1 = EUR 1.022)

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