On Friday, Global Infrastructure Partners (GIP), the independent global infrastructure investor which currently manages $81 billion for its clients, announced that it is buying 100 percent of the offshore wind portfolio of German independent renewables power producer wpd. Price and other deal terms were not made public.
wpd offshore is a leading offshore wind platform with over 20 years of development experience, a track record of some 7 GW developed to date, and a presence in fourteen European and APAC markets. The wpd offshore team has capabilities across the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing and construction management.
The transacted portfolio includes interests in five operating and under construction projects in Germany, France and Taiwan, and more than 30 gross GW global and highly diversified offshore wind pipeline in various stages of development.
Following the transaction, which remains subject to regulatory approvals, current wpd COO Achim Berge Olsen, who presently leads the firm’s offshore wind business, will serve as CEO of the business acquired by GIP.
“wpd was one of the early movers in the offshore wind market and the offshore unit prospered very well as part of wpd group,” wpd CFO Björn Nullmeyer 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.”
“We are excited to announce the acquisition of wpd’s world-class offshore wind business,” GIP Chairman and Managing Partner Adebayo Ogunlesi said. “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.”
GIP’s investments span the energy, transport, digital infrastructure, and water/waste sectors in OECD and select emerging markets. Its global renewables portfolio currently 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