German renewables developer Wpd is selling its offshore wind business to Wall Street investment group Global Infrastructure Partners (GIP).

Private equity group GIP agreed to pay an undisclosed sum for Wpd Offshore, which has developed about 7GW and has interests in a 30GW global pipeline.

New York-based GIP, which will take control of a portfolio spanning key markets such as Germany and Taiwan, said with its backing “Wpd Offshore will be able to pursue new projects and opportunities in high growth offshore wind markets”.