In the Skyborn Renewables deal, Mubadala joins Global Infrastructure Partners and others. Global offshore wind market is projected to require annual investments of $50 billion. Image Credit: Supplied

Dubai: The Abu Dhabi wealth fund Mubadala has bought a stake in Skyborn Renewables - the world’s largest private offshore wind developer – along with Global Infrastructure Partners and other investors.

Headquartered in Bremen (Germany), Skyborn Renewables has an offshore wind track record of more than 7GW developed to date, and a portfolio of operating and under-construction projects in Germany, France, and Taiwan. The group currently has a 30GW pipeline of offshore wind projects.

Mubadala’s exposure also includes the acquisition of a stake in GIP’s 50 per cent interest in NY Bight Project, called Bluepoint Wind. The 1.6GW offshore project in the US will provide investors with ‘immediate access’ to the growing US offshore wind market.

100% ownership

The 100 per cent buyout of Skyborn Renewables provides GIP and co-investors ‘access to the largest private offshore wind developer globally’, with an established presence in Europe and the Asia-Pacific.

Offshore wind is expected to be one of the fastest growing renewable energy sectors over the next 15 years, with the existing 27GW installed capacity set to grow to 290GW by 2035. The forecasted growth of the offshore wind market will require annual investments of $50 billion.

“Offshore wind is one of the most attractive and fastest growing segments within renewables, with the sector expected to grow 10-fold in the next decade,” said Khaled Abdulla Al Qubaisi, CEO of Real Estate and Infrastructure Investments at Mubadala. “Wind energy is an important component of the transition to clean, renewable power and as a responsible investor, we at Mubadala are proud to be a part of a consortium that is playing a leading role in addressing the global challenges of the climate crisis and energy security.”

Growth on renewables
The Skyborn Renewables and Bluepoint Wind investments are part of Mubadala’s growing clean and sustainable energy portfolio. In April, Mubadala was part of a BlackRock Real Assets-led consortium that agreed to invest $525 million into the renewable energy arm of India’s Tata Power - Tata Power Renewable Energy. The latter will play a ‘key part in India’s energy transition, planning to increase its current 4.9GW clean energy capacity to more than 20GW over the next five years’.