Skyborn previously operated as wpd offshore and was rebranded in Sep’22. The business was acquired by Global Infrastructure Partners in May’22 to expand its offshore wind portfolio. Skyborn has interests in 5 operating and under-construction offshore projects in Germany, France and Taiwan, with a cumulative nameplate capacity of ~2 GW. The company also has a development pipeline of more than 30 GW of offshore wind projects at various stages of development across Europe and Asia-Pacific. The operational projects are backed by long term PPAs with investment-grade utilities.
Concurrent to the Skyborn deal, Mubadala has also signed an agreement to invest in GIP’s 50% equity stake in the 1.7 GW Bluepoint Wind farm, offshore US. The project is located in the New York Bight area and is being developed by a consortium that also includes EDP Renewables (EDPR) and ENGIE. The partners secured the site in a New York Bight auction that was held earlier this year, with a bid of $765 million.
Mubadala first ventured into the offshore wind space in 2014, when its subsidiary Masdar partnered with Equinor (f/k/a Statoil) and Statkraft to develop the £1.5 billion Dudgeon project in the UK. The recent deal diversifies Mubadala's offshore wind footprint further, building on existing partnerships with EIG Global Energy Partners and RWE. The collaboration with EIG is focussed on developing a 2.2 GW project off the coast of Rio de Janeiro in Brazil, while the JV with RWE is structured as a broader, sector-wide collaboration.
The above analysis is proprietary to Enerdatics’ energy analytics team, based on the current understanding of the available data. The information is subject to change and should not be taken to constitute professional advice or a recommendation.
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