News: Saudi PIF acquires 9.5% stake in Skyborn Renewables and invests in 30% of Saudi Tabreed

Media Article - According to sources at Bloomberg, Saudi Arabia's Public Investment Fund (PIF) is looking to buy a stake in cooling system provider Saudi Tabreed for around $250 million. The company is a local division of UAE-listed National Central Cooling.

Earlier in December, Power-Technology also reported that Saudi Arabia's Public Investment Fund has acquired a stake of 9.5% in German offshore wind developer Skyborn Renewables alongside Global Infrastructure Partners (GIP), an independent infrastructure investment fund.

Based in Bremen, Skyborn currently holds stakes in operational and under-construction projects in Germany, France and Taiwan.

The company has developed more than 7GW of capacity to date and has a presence in more than 15 European and Asia-Pacific markets. It also has a pipeline of offshore wind projects in various stages of development, which have more than 30GW of capacity in total.

PIF's investment in Skyborn aligns with its goal to build strategic economic partnerships to achieve sustainable returns and unlock 'promising' economic opportunities worldwide.

Through the deal, PIF aims to help fast-track the global energy transition by investing in a geographically diversified offshore wind energy platform.

The financial terms of the deal have not been disclosed.

Bloomberg News reported that the PIF's stake in Saudi Tabreed could be worth about $250 million. The sale is subject to completion procedures.

The company provides district cooling services to major urban developments across Saudi Arabia and the Gulf region. In Saudi Arabia, Saudi Tabreed is the exclusive cooling services provider for the Red Sea Project, a flagship mega-project under the kingdom's Vision 2030 plan to diversify its economy. It also has long-term contracts with Saudi Aramco.

Sources: Reuters, Pitchbook & Power-Technology