Global Infrastructure Partners (GIP), an independent infrastructure investor, and wpd AG, a project developer and independent renewables power producer (IRPP) for onshore wind, offshore wind and solar, have signed definitive agreements for GIP to acquire 100% of wpd offshore GmbH, the offshore wind business of wpd.

wpd offshore is an offshore wind platform with over 20 years of development experience, a track record of ~7 GW developed to date, and a presence in 14 European and APAC markets. The wpd offshore team has capabilities across the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing and construction management.

wpd offshore’s portfolio includes interests in five operating and under construction projects in Germany, France and Taiwan as well as a more than 30 GW (gross) global and diversified offshore wind pipeline in various stages of development.

Post-closing, Achim Berge Olsen, current COO of wpd and responsible for its offshore wind business, will serve as CEO of the business acquired by GIP.

“wpd was one of the early movers in the offshore wind market and the offshore unit prospered very well as part of wpd group,” says Björn Nullmeyer, CFO of wpd. “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.”

“We are excited to announce the acquisition of wpd’s world-class offshore wind business,” states Adebayo Ogunlesi, chairman and managing partner of GIP. “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,” Ogunlesi adds. “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.”

This post appeared first on North American Windpower.

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