wpd to Sell Offshore Wind Business to Global Infrastructure Partners
BREMEN, Germany and NEW YORK, May 6, 2022 /PRNewswire/ — Global Infrastructure Partners (“GIP”), a leading independent infrastructure investor, and wpd AG (“wpd”), a leading project developer and independent renewables power producer (IRPP) for onshore wind, offshore wind and solar, are pleased to announce that they 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 is a leading 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. The wpd offshore team has capabilities across the entire offshore wind value chain, including greenfield development, engineering and design, procurement, financing and construction management. wpd offshore’s portfolio includes:
Interests in 5 operating and under construction projects in Germany, France and Taiwan
>30 GW (gross) global and highly diversified 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.”
About Global Infrastructure Partners
GIP is a leading independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses. GIP targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries. 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. Headquartered in New York, GIP operates out of 10 offices: New York, London, Stamford (Connecticut), Sydney, Melbourne, Brisbane, Mumbai, Delhi, Singapore and Hong Kong. GIP manages c. US $81 billion for its investors. GIP’s portfolio companies have combined annual revenues of c. US $61 billion and employ c. 99,000 people. For more information, visit www.global-infra.com.
wpd develops and operates onshore and offshore wind farms and solar parks and is actively engaged in 30 countries in Europe, Asia, Chile and the US with the head office in Bremen. The German company has already realized wind energy projects with an output of 5,620 MW and is planning further projects with a total of 13,900 MW wind onshore and 2,300 MWp solar energy. Further information can be found on wpd’s website at www.wpd.de
View original content to download multimedia:https://www.prnewswire.com/news-releases/wpd-to-sell-offshore-wind-business-to-global-infrastructure-partners-301541476.html
SOURCE Global Infrastructure Partners