Following approval from all the relevant authorities, BASF announced it has successfully completed the purchase of 49.5 percent of the Hollandse Kust Zuid offshore wind farm from Vattenfall. The transaction was originally scheduled to close in the fourth quarter of 2021 and was therefore completed earlier than planned.
According to the agreement signed by BASF and Vattenfall in June 2021, the purchase price amounts to 0.3 billion euros. Including the BASF contribution to the construction of the wind farm, BASF’s financial commitment amounts to around 1.6 billion euros (roughly $1.9 billion USD). BASF intends to reduce its stake by selling shares to a financial investor; the corresponding process has already been initiated.
Installation work for the wind farm in the Dutch North Sea began in July 2021. The subsidy-free offshore wind farm is scheduled to go into full operation in 2023. With a total installed capacity of 1.5 gigawatts, it will be the largest offshore wind farm in the world at this point in time.
The electricity from the wind farm will enable BASF to use innovative, low-emission technologies at several of its production sites in Europe. Another significant part of the electricity production is reserved for Vattenfall’s Dutch customers.
