September 26 (SeeNews) - Romania's Competition Council said on Monday that it has approved the takeover of of German renewable energy company wpd's local offshore wind business by U.S. investment fund Global Infrastructure Partners (GIP).
"Following a review of the transaction, the Competition Council found that it does not have any elements that could determine or favor risks and/or threats to Romania's national security," the anti-trust body said in a statement.
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The transaction will be carried through GIP Guttenberg, a German company controlled by the U.S. investment fund,
wpd offshore operates three companies in Romania - wpd offshore Romania, Black Sea 1 and Black Sea 2 - which it has established to facilitate the construction of offshore wind farms in the Black Sea, as shown in a press release from February.
In May, GIP announced its plans to purchase wpd's offshore division, namely interests in five operating or under construction projects in Germany, France and Taiwan and over 30 GW global offshore wind pipeline in various stages of development.
Black Sea 1 and Black Sea 2 were both established in 2021 and ended the year with no employees and a loss of some 7,000 lei ($1,381/1,415 euro) each, data from the finance ministry showed.
GIP is an independent infrastructure fund manager that makes equity and debt investments in infrastructure assets and businesses which targets investments in the energy, transport, digital infrastructure, and water/waste sectors in both OECD and select emerging market countries.
wpd develops and operates onshore and offshore wind farms and solar parks and is actively engaged in 30 countries in Europe, Asia, Chile and the U.S. with the head office in Bremen, Germany.
(1 euro=4.9437 lei)