US-based infrastructure investor Global Infrastructure Partners (GIP) has agreed to acquire wpd offshore, the offshore wind business of German renewable project developer wpd.
Since its foundation, wpd offshore wind has developed 7GW of capacity and has begun operations in fourteen European and Asia-Pacific (APAC) markets.
The company has stakes in five assets either operational or under construction, which are located in Germany, France and Taiwan.
It also has a development pipeline with more than 30GW of combined capacity.
The financial details of the acquisition have not been disclosed.
GIP chairman and managing partner Adebayo Ogunlesi said: “We are excited to announce the acquisition of wpd’s world-class offshore wind business.
“This investment builds upon GIP’s extensive experience investing in renewable 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.”
wpd chief financial officer Björn Nullmeyer 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 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 the end of 2021 and we will double this volume by 2024.”
The deal’s completion is subject to customary regulatory approvals.
Once it has closed, wpd chief operating officer Achim Berge Olsen will serve as CEO of wpd offshore wind.