The Netherlands – BASF has completed the purchase of 49.5 percent of the offshore wind farm Hollandse Kust Zuid from Vattenfall, with the consent of all competent authorities.
The acquisition, which was scheduled to close in the fourth quarter of 2021, was finalized sooner than projected. The acquisition price is €0.3 billion, according to the agreement signed by BASF and Vattenfall in June 2021. BASF’s entire investment, including its contribution to wind farm construction, is estimated to be around €1.6 billion. BASF aims to lower its interest by selling shares to a financial co-investor; the process has already begun.
The wind farm in the Dutch North Sea will begin construction in July 2021. The offshore wind project will be completely operational in 2023, with no subsidies. It will be the world’s largest offshore wind farm at the moment, with a total installed capacity of 1.5 gigatonnes. The wind farm’s electricity will allow BASF to adopt innovative, low-emission technologies at several of its European production facilities. Another major portion of the electricity generated is set aside for Vattenfall’s Dutch customers.