Independent infrastructure investor Global Infrastructure Partners ("GIP") has agreed to acquire offshore wind farm developer wpd offshore from the German company wpd AG.
wpd offshore has a track record of ~7 GW of offshore wind developed to date, and is present in fourteen European and APAC markets.
Its portfolio includes interests in five operating and under construction projects in Germany, France and Taiwan and, according to the company, more than 30 GW (gross) global offshore wind pipeline in various stages of development-
After the completion of the transaction, Achim Berge Olsen, current COO of wpd and responsible for its offshore wind business, will serve as CEO of the business acquired by GIP.
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. wpd AG 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 totaled 2,500 MW by end of 2021 and we will double this volume by 2024.”
Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said: “We are excited to announce the acquisition of wpd’s world-class offshore wind business. 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.
"This investment builds upon GIP’s extensive experience investing in renewables assets and offshore wind projects. As a highly scalable platform, wpd offshore will be able to pursue new projects and opportunities in high growth offshore wind markets. We look forward to working with the management team that has built this very successful business and developing it into one of the leading offshore wind platforms in the world.”
Financial details were not disclosed.