Fund manager Global Infrastructure Partners has signed an agreement to acquire WPD’s offshore wind business, which includes five operating and under construction assets in Germany, France and Taiwan and a development pipeline of over 30GW.
The price of the transaction has not been disclosed.
WPD Offshore has over 20 years of development experience, a track record of about 7GW developed to date, and a presence in 14 European and APAC markets.
The company’s capabilities are across the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing and construction management.
The transaction is subject to customary regulatory approvals and once closed will see WPD chief operating officer and head of its offshore wind unit Achim Berge Olsen serve as chief executive of the business acquired by GIP.
WPD chief financial officer Bjorn 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 totaled 2500MW by end of 2021 and we will double this volume by 2024.”
GIP chairman and managing partner Adebayo Ogunlesi 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.”