KSA’s PIF snaps up more European renewables: Saudi Arabia’s Public Investment Fund (PIF) is acquiring up to 9.5% in Germany’s offshore wind developer and operator Skyborn Renewables, according to a statement. The value of the transaction was not disclosed.

PIF isn’t the only sovereign wealth fund involved with the German company: UAE’s sovereign wealth fund Mubadala Investment Company acquired an undisclosed stake in Skyborn in October.

Who owns what: Prior to Mubadala’s investment, US infrastructure fund Global Infrastructure Partners (GIP) acquired (pdf) 100% of Skyborn Renewables in September.

Who is Skyborn Renewables? Skyborn — formerly known as WPD Offshore before it was acquired by GIP — has wind energy projects generating some 7 GW of clean energy with a further 30 GW of offshore projects in the pipeline. The company is very active in Europe and the Asia Pacific markets with projects in countries including Germany, France, and Taiwan.

PIF has been quite active on the decarbonization front: The fund had auctioned off 1.4 mn tons of carbon credits in October, while a JV between its subsidiary Badeel and Acwa Power signed a PPA for a 2.06 GW solar plant in Saudi Arabia earlier this month. PIF invested over USD 1 bn in US EV manufacturer Lucid Motors in 2019, while the fund’s JV Ceer — KSA’s first EV company — recently secured a site for an EV factory. Additionally, PIF signed a USD 6.5 bn agreement with Korea Electric Power Corp and other Korean firms to build a hydrogen and ammonia plant in Saudi Arabia.

Another check on the list of ongoing GCC acquisitions: GCC funds and companies have been increasingly investing in European and US renewable energy companies this year. The UAE’s sovereign wealth fund Mubadala Investment Company acquired stakes in US offshore project Bluepoint Wind for an undetermined amount in October. GCC-focused alternative asset manager Wafra also acquired a majority stake in US utility-scale renewable asset developer Mission Clean Energy, and Kuwait-based Agility Ventures made a USD 40 mn investment in US EV charging station company Loop Global. This is just to name a few.