BASF sells Dutch offshore wind farm interest to Allianz

Renewables

The NetherlandsAllianz Capital Partners and BASF have agreed to buy 25.2 percent of the wind farm Hollandse Kust Zuid (HKZ) on behalf of Allianz Insurance Companies (Allianz).

This is the result of a transaction between Vattenfall and BASF in which BASF purchased 49.5 percent of HKZ from Vattenfall on September 1, 2021.

BASF has previously stated that it plans to reduce its investment by selling shares to a financial co-investor. The closing of the Allianz transaction is subject to merger control approvals. Following the closing, which is expected in the first quarter of 2022, BASF will consolidate its remaining 24.3 percent equity stake.

Under a long-term fixed-price corporate power purchasing agreement, BASF will continue to receive the majority of the power generated by its originally acquired 49.5 percent stake in HKZ. This agreement secures significant value for both BASF, as the purchaser of the generated power, and Allianz, as a financial investor.

When completed, Hollandse Kust Zuid will be the world’s largest offshore wind farm, with 140 wind turbines and a total installed capacity of 1.5 gigatonnes. The Vattenfall-led project is scheduled to be completed in 2023.

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Wim Raaijen
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