General – Acquisition
Private equity group Global Infrastructure Partners (GIP) and Wpd from Germany announced today that they have signed definitive agreements for GIP to acquire 100% of the offshore wind business of Wpd.
The transaction is subject to customary regulatory approvals.
New York-based GIP, which will take control of a portfolio spanning key markets such as Germany and Taiwan. Wpd Offshore will be able to pursue new projects and opportunities in high growth offshore wind markets.
Wpd said it would now focus on growing its onshore wind and solar base, which it aims to double to 5GW by 2024. Current Wpd chief operating officer Achim Berge Olsen will become CEO of the new standalone offshore business under 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 totalled 2,500 MW by end of 2021 and we will double this volume by 2024.”