UAE continues renewables shopping spree, acquiring a stake in offshore wind developer Skyborn Renewables
UAE’s Mubadala goes big on wind energy: Abu Dhabi-based sovereign wealth fund Mubadala Investment Company acquired stakes in German offshore wind developer Skyborn Renewables and US offshore project Bluepoint Wind, state news agency WAM reported yesterday. Neither party put a price tag on the transactions or would say how many Mubadala bought.
From the US to Europe, the GCC investment in western green assets has become a trend in recent months. Among the recent examples: Kuwait’s Agility Ventures — along with US VC firm Fifth Wall — poured USD 40 mn in US-based EV charging station company Loop Global. Similarly, Abdul Latif Jameel Energy’s subsidiary FRV invested in German solar-as-a-service provider Ecoligo. Qatar Investment Authority (QIA) led a EUR 250 mn series D investment round for Paris-based biotech company Innovafeed, and also completed a landmark EUR 2.4 bn acquisition in major German utilities provider RWE in a debt-to-equity swap.
This isn’t the SWF’s first renewables acquisition this year: Mubadala, has assets under management of about USD 284 bn, was part of a BlackRock-led consortium that agreed to invest USD 525 mn in Indian renewable energy firm Tata Power Renewables in April. It also linked up with TAQA and Adnoc to announce in June the purchase of a stake in Emirati renewables player Masdar.
Background to the Mubadala buy: US-based infrastructure investment fund Global Infrastructure Partners (GIP) held 100% of Skyborn Renewables, which it had acquired (pdf) in September. Bluepoint Wind is also partially owned by GIP, according to WAM.
What is Skyborn Renewables? Skyborn, formerly known as WPD Offshore prior to GIP’s acquisition, has wind energy projects generating some 7 GW of clean energy to date, and 30 GW of offshore projects in the pipeline. The company has a considerable footing in Europe and the Asia Pacific markets, with projects in countries including Germany, France and Taiwan.
What is Bluepoint Wind? Bluepoint Wind is a 1.7 GW offshore wind energy project. Located off the coast of New Jersey and New York, the project is partially owned by offshore wind energy company Ocean Winds East, a JV between Spanish-headquartered renewable energy company EDP Renewables, Engie, and GIP.
Mubadala’s sustainability-driven assets in MENA include: Taweelah Reverse Osmosis Water Generation Plant, Abu Dhabi-based low-carbon research and development urban district Masdar City, and the Naqa’a Desalination Company.