Renewables

Wpd sells its offshore wind business to Global Infrastructure Partners

Wpd solds offshore wind business to Global Infrastructure Partners

Butendiek wind farm (photo: wpd)

Published

May 10, 2022

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Published:

May 10, 2022

Country:

,

Comments:

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Renewable energy company wpd has sold its offshore wind business to infrastructure investor Global Infrastructure Partners (GIP). Among the projects involved in the transaction are offshore wind farms with a combined capacity of 1,900 megawatts (MW) in Romania.

Global Infrastructure Partners, an infrastructure fund based in New York, manages USD 81 billion in assets and has 34 GW of operating renewables capacities and 120 GW under development in its portfolio.

GIP has acquired Germany’s wpd offshore portfolio, which includes interests in five projects, operating or under construction in Germany, France, and Taiwan, and more than 30 GW in various stages of development around the globe.

wpd is the first company in Romania to apply for offshore wind projects in the Black Sea

At the beginning of February, wpd announced that it had become the first company in Romania to officially apply for the development of offshore wind energy projects in the Black Sea.

Global Infrastructure Partners and wpd AG are pleased to announce that they have signed definitive agreements for GIP to acquire 100% of wpd offshore GmbH, the offshore wind business of wpd, said the German developer with a track record of 7 GW developed to date.

Achim Berge Olsen, the current COO of wpd, responsible for its offshore wind business, will serve as CEO of the business acquired by GIP.

wpd expects to double its current wind and solar projects by 2024

Björn Nullmeyer, CFO of wpd, said the company would further strengthen its onshore wind and solar activities in 30 countries in Europe, Asia, Chile, and the US. The company’s operating wind and solar projects totaled 2,500 MW by the end of 2021, and wpd expects to double this volume by 2024, according to Nullmeyer.

Adebayo Ogunlesi, chairman and managing Partner of GIP, has said that GIP believes offshore wind, one of the fastest-growing renewables segments, will be critical to the net-zero carbon targets and energy transition goals.

As a highly scalable platform, wpd offshore will be able to pursue new projects and opportunities in high-growth offshore wind markets, said Ogunlesi.

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