GIP acquires wpd's offshore wind business

4C Offshore | Tom Russell
By: 06/05/2022 wpd offshore

Global Infrastructure Partners (GIP) and wpd AG (wpd) have signed definitive agreements for GIP to acquire 100% of wpd offshore GmbH (wpd offshore), the offshore wind business of wpd. The transaction is subject to customary regulatory approvals.  

wpd offshore has interests in five operating and under construction projects in Germany, France and Taiwan, totalling >30 GW (gross) global capacity. It has an 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.

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."

For a full breakdown of wpd offshore's portfolio, click here.