The GCC’s appetite for Western renewables firms just kept growing: GCC sovereign wealth funds and private sector firms have embarked in 2022 on a “shopping spree” of acquisition and investment in renewables firms outside the MENA region — notably in Europe and the US — especially in the last quarter of the year.

The UAE’s Mubadala has been particularly active: Abu Dhabi-based sovereign wealth fund Mubadala Investment Company acquired stakes in German offshore wind developer Skyborn Renewables and US offshore project Bluepoint Wind in October. No information was provided on the size of the investments or Mubadala’s stake in each company. KSA’s PIF also came in on the Skyborn investment: In Saudi Arabia, the Public Investment Fund (PIF) recently announced its plans to acquire up to 9.5% in Skyborn, for an undisclosed figure. The sovereign wealth fund also secured an undisclosed stake — which Bloomberg estimated to be at least 20% — in Singapore-based carbon trading exchange AirCarbon Exchange in November. Mubadala was part of a BlackRock-led consortium that announced its investment of USD 525 mn in Indian renewable energy firm Tata Power Renewables in April.

And Mubadala is eyeing more: The wealth fund recently sold its majority stake in Masdar to Adnoc and Taqa — though it retains a 33% stake in Masdar’s renewables business and will hold a 33% stake in the company’s nascent green hydrogen business. This is all part of a plan to grow Masdar’s footprint within and beyond MENA, targeting renewable energy capacity of at least 100 GW by 2030. Expansion plans include entry into Turkmenistan with a 100 MW solar plant and the building of a USD 600 mn, 500 MW wind farm in Uzbekistan.

Battery storage was also the name of the game for the UAE’s Masdar: Masdar acquired UK-based BESS outfit Arlington Energy in October, with no information given about the size of the investment. The companies will develop, construct, manage, and finance BESS projects under one Masdar-Arlington platform, and enable Masdar to increase its renewables investments and energy storage operations in Europe.

Saudi Arabia’s Abdul Latif Jameel — through its subsidiary Fotowatio Renewable Ventures (FRV) made a flurry of investments: FRV — acquired by Abdul Latif Jameel in 2015 — reached financial close on a EUR 81 mn, 123 MWp PV plant in Spain in September. FRV invested EUR 10 mn German solar-as-a-service provider Ecoligo in a Series A round in October, fueling Ecoligo’s expansion of its operations — including financing, planning, construction and maintenance of solar projects. Later that month, FRV acquired two battery energy storage (BESS) projects in the UK with a combined capacity of up to 100 MW for an undisclosed figure from the UK’s RE Projects Development. And in November, FRV acquired a majority stake in Greek renewables company Wootis SA’s 600 MW BESS project — also for an undisclosed sum. FRV has just reached financial close on its 300 MWac Walla Walla solar farm in New South Wales (as we mention in Solar Energy above). This brings FRV’s total capacity of its 10 projects in Australia to over 1 GW.

Qatar made a splash with a hefty equity investment in Germany: The Qatar Investment Authority (QIA) is investing some EUR 2.4 bn in German utilities provider RWE in a debt-to-equity swap that will eventually see QIA own 9.09% of RWE. The transaction — which is expected to be completed in 1H 2023 — could enable RWE to acquire 100% of US renewable energy developer Con Edison Clean Energy Businesses, making RWE the second-largest solar operator in the US. QIA also led a EUR 250 mn series D investment round for Paris-based biotech company Innovafeed — which produces insect protein used to feed plants and animals, to reduce the environmental impact of industrial agriculture — in September.

And Qatar’s Nebras Power built on its existing stake in Australian wind power: Doha-based energy and investment firm Nebras Power recently acquired a 49% stake in Gold Wind Australia’s USD 750 mn 312 MW Moorabool Wind Farm in Victoria. The Qatari company had previously purchased a stake in Gold Wind Australia’s USD 506 mn Stockyard Hill Wind Farm, also in Victoria.

Oman’s OIA is supporting US lithium-ion battery recycling: The Oman Investment Authority (OIA) is contributing to a USD 300 mn equity and debt investment in US lithium-ion battery recycling company Ascend Elements. No information was provided on the investment size of OIA or other investors, or their equity stakes in Ascend.

Kuwait snapped up a stake in a US-based charging station firm: Kuwait’s Agility Ventures — the corporate venture arm of supply chain services and infrastructure firm Agility — co-led a USD 40 mn series A investment round in US-based EV charging station company Loop Global.

And Wafra snapped up a majority stake in a US utility-scale renewables developer: GCC-focused alternative asset manager Wafra acquired a majority stake in US utility-scale renewable asset developer Mission Clean Energy in October. No details were provided on the size of the investment or Wafra’s stake. Mission will use the investment to expand its project pipeline, with a focus on solar and storage in the US, we noted.