Infrastructure investor Global Infrastructure Partners (GIP) has signed an agreement to buy project developer and independent renewables power producer wpd’s offshore wind business.

It is acquiring 100% of wpd offshore, with the transaction subject to customary regulatory approvals.

The offshore portfolio includes interests in five operating and under construction projects in Germany, France and Taiwan and 30GW of global offshore wind pipeline at various stages of development.

Adebayo Ogunlesi, Chairman and Managing Partner of GIP, said: “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.”

According to wpd, its operating wind and solar projects totalled 2,500MW by the end of 2021 and expects to double the capacity by 2024