Wpd offshore has so far developed nearly 7GW of offshore wind capacity and has a pipeline of 30GW
Wpd Nordergruende offshore wind farm in Germany. (Credit: wpd AG)
German renewable energy developer wpd has agreed to sell its offshore wind business to US-based infrastructure investor Global Infrastructure Partners (GIP) for an undisclosed price.
The business involved in the deal, wpd offshore, is said to have more than 20 years of development experience. It has developed nearly 7GW of offshore wind capacity so far.
Wpd offshore has been associated with projects such as the 48.3MW Baltic 1 offshore wind farm, the 288MW Butendiek offshore wind farm, and the 110.7MW Nordergruende offshore wind farm in Germany, and the 450MW Courseulles offshore wind farm and the 498MW Fecamp offshore wind farm, both in France.
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.”
Wpd offshore has a footprint in 14 European and Asia-Pacific (APAC) markets. Its team is said to have capabilities that cover the entire offshore wind value chain, including development of greenfield projects, engineering and design, procurement, financing as well as construction management.
The portfolio of wpd offshore includes stakes in five operating and under construction offshore wind projects in Germany, France, and Taiwan.
It has a global and diversified offshore wind pipeline of 30GW with projects in different stages of development.
Wpd CFO Björn Nullmeyer 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.”
The closing of the deal is subject to receipt of customary regulatory approvals.