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Global Infrastructure Partners (GIP), a fund manager, has agreed to purchase WPD’s offshore business. It includes five assets under construction in Germany, France, and Taiwan, as well as a development pipeline of more than 30GW. The transaction price has not been disclosed.
WPD Offshore boasts over 20 years of experience in development, an average of 7GW of developed projects to date, as well as a presence on 14 European and APAC market.
The company has the ability to provide services across the entire value chain of offshore wind, including greenfield development and engineering, design, financing, construction management, and procurement.
The transaction is subjected to regulatory approvals. Once closed, WPD’s chief operating officer and head offshore wind unit Achimberge Olsen will serve as chief executive for the business that was acquired by GIP.
Bjorn Nullmeyer, Chief Financial Officer at WPD, stated that WPD was one the first to enter the offshore wind market. The offshore unit has prospered as part of WPD group.
“We had an exciting and rewarding journey with WPD Offshore and we are thrilled that GIP is taking advantage of a unique opportunity with the plan to create a global offshore wind player”, he added.
WPD will continue to strengthen its onshore solar and wind activities in 30 countries across Europe, Asia and the US. We have 2500MW of wind and solar projects in operation, and will double that number by 2024, Bjorn said.
Adebayo Ogunlesi, Chairman of GIP and Managing Partner, said that he was excited about the acquisition by WPD of its world-class offshore wind company.
“WPD Offshore is a company with a strong development track record, and a diverse portfolio of development, construction, and operating projects,” he added.
Offshore wind, which is one of the fastest-growing renewables segments, is crucial to the net zero carbon targets.
GIP has a wealth of experience in investing in offshore wind projects and renewable assets.
WPD Offshore is a highly scalable platform that will allow it to pursue new opportunities and projects in high-growth offshore wind markets. We look forward working with the management team who has built this highly successful business and developed it into one the top offshore wind platforms in the globe said Adebayo.