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Abu Dhabi-based sovereign investor Mubadala Investments, which manages a $284 billion global portfolio, joined Global Infrastructure Partners (GIP) to acquire a stake in Skyborn Renewables, the world’s largest private offshore wind developer.
Acquisition of 100% stake in Skyborn Renewables provides GIP and co-investors including Mubadala with access to the world’s largest private offshore wind developer with a long track record and presence in Europe and Asia Pacific Area established business.
Headquartered in Bremen, Germany, Skyborn Renewables has developed a record of more than 7GW of offshore wind to date and has a portfolio of projects in operation and under construction in Germany, France and Taiwan. The group currently has 30GW of highly diversified offshore wind projects in various stages of development.
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.
Offshore wind is expected to be one of the fastest-growing renewable energy sectors over the next 15 years, growing from the current 27GW of installed capacity to 290GW by 2035. The growth of the offshore wind market is expected to require an annual investment of $50 billion.
Khaled Abdulla Al Qubaisi, Chief Executive Officer (Real Estate and Infrastructure Investments) of Mubadala, said: “Offshore wind is one of the most attractive and fastest growing sectors of renewable energy and the industry is expected to grow tenfold over the next decade. “
“Wind energy is an essential part of the transition to clean, renewable energy, and as responsible investors, we at Mubadala are proud to be part of a consortium playing a leading role in addressing the climate crisis and the global challenge of energy Safe,” he said.
According to him, the Skyborn Renewables and Bluepoint Wind investments are part of Mubadala’s fast-growing clean and sustainable energy portfolio.
In April, Mubadala joined a consortium led by BlackRock Real Estate that agreed to invest $525 million in India’s Tata Power’s renewable energy unit. He added that Tata Power Renewables, which will play a key role in India’s energy transition, plans to increase its current 4.9GW of clean energy capacity to more than 20GW over the next five years..-TradeArabia News Service
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