Global Infrastructure Partners (GIP) is buying WPD’s offshore wind business for an undisclosed sum.
GIP has agreed to buy WPD Offshore, an offshore wind development platform with a presence in 14 European and APAC markets.
WPD Offshore’s portfolio includes interests in 5 operating and under construction projects in Germany, France and Taiwan and over a 30GW global diversified offshore wind pipeline in various stages of development.
Following the closing of the deal, which is subject to regulatory approvals, Achim Berge Olsen, the current COO of WPD and responsible for its offshore wind business, will serve as CEO of the business acquired by GIP, the companies said in a joint statement.
Adebayo Ogunlesi, chairman and managing partner of GIP, said: “WPD offshore has an exceptional development track record and a diversified portfolio of operating, construction and development projects.
“We believe offshore wind, one of the fastest-growing renewables segments, will be critical to the net-zero carbon targets and energy transition goals.”
Ogunlesi said this investment builds upon GIP’s extensive experience investing in renewables assets and offshore wind projects.
Björn Nullmeyer, the CFO of WPD said: “WPD was one of the early movers in the offshore wind market and the offshore unit prospered very well as part of WPD group.
“We have had an exciting and successful journey with the WPD offshore team and are delighted that GIP is taking a unique opportunity to unlock further potential with the plan to build up a global offshore wind player.”
Nullmeyer said WPD will further strengthen its onshore wind and solar activities in 30 countries in Europe, Asia, Chile and the US.
“Our operating wind and solar projects totalled 2,500MW by end of 2021 and we will double this volume by 2024.”
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