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Abu Dhabi-based strategic investor Mubadala Investment Co., together with Global Infrastructure Partners (GIP), has acquired a stake in Skyborn Renewables.
In a statement, the sovereign investor said the acquisition of a 100% stake in Skyborn Renewables “provides Mubadala and GIP with access to the world’s largest private offshore wind developer with a long track record and presence in Europe and Asia Pacific. Regions Build Influence” on Wednesday.
Mubadala manages a global portfolio of assets worth $284 billion, but did not provide the size of its stake or the value of its acquisitions.
Mubadala’s investment also includes the acquisition of GIP’s 50% stake in the NY Bight project Bluepoint Wind, an innovative 1.6GW offshore project in the US that will provide investors with direct access to the growing US offshore wind market.
The Skyborn Renewables and Bluepoint Wind investments are part of Mubadala’s rapidly growing clean and sustainable energy portfolio.
In April, Mubadala joined a consortium led by BlackRock Real Estate that agreed to invest $525 million in the renewable energy unit of India’s Tata Power.
Offshore wind is expected to be one of the fastest growing renewable energy sectors over the next 15 years, with the current 27GW installed capacity growing to 290GW by 2035.
However, the forecasted growth of the offshore wind market will require an annual investment of $50 billion, the statement said.
Skyborn Renewables is headquartered in Bremen, Germany. The company is present in 15 European and Asia Pacific markets.
(Writing by Brinda Darasha; Editing by Seban Scaria)
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