WPD Exits Offshore Wind, Sells Business to Global Infrastructure Partners
Global Infrastructure Partners (GIP)and wpd AG have signed definitive agreements for GIP to acquire 100 per cent of wpd offshore GmbH, the offshore wind business of wpd.
The transaction is subject to customary regulatory approvals.
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 fourteen European and APAC markets.
Its portfolio includes interests in five operating and under construction projects in Germany, France, and Taiwan, and over 30 GW of global and highly diversified offshore wind pipeline in various stages of development.
”wpd was one of the early movers in the offshore wind market and the offshore unit prospered very well as part of wpd group,” Björn Nullmeyer, the CFO of wpd said.
”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.”
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 offshore has an exceptional development track record and a diversified portfolio of operating, construction and development projects,” Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said.
”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.”
GIP’s global renewables portfolio includes solar, wind, hydro, and battery storage assets representing 15 GW of operating generation capacity, royalty interests in over 19 GW of operating renewable projects, and over 120 GW assets under construction or in development.
The New York-headquartered fund manager manages around USD 81 billion for its investors and its portfolio companies have combined annual revenues of around USD 61 billion and employ c. 99,000 people.
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