1 September 2021
Sweden
Sustainability

BASF completes purchase of 49.5% of the offshore wind farm Hollandse Kust Zuid from Vattenfall

September 1, 2021

Following the approval of all relevant authorities, BASF has today successfully completed the purchase of 49.5% of the offshore wind farm Hollandse Kust Zuid from Vattenfall. The closing of the transaction, originally expected for the fourth quarter of 2021, was completed earlier than planned.

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According to the agreement BASF and Vattenfall had signed in June 2021, the purchase price amounts to €0.3 billion. Including BASF’s contribution to fund the wind farm construction, BASF’s total commitment amounts to around €1.6 billion. BASF intends to reduce its investment by selling shares to a financial co-investor; the respective process has been initiated already.

Construction work for the wind farm in the Dutch North Sea started in July 2021. The subsidy-free offshore wind farm is expected to become fully operational in 2023. At that time, it will be the largest offshore wind farm in the world with a total installed capacity of 1.5 gigawatts. The electricity from the wind farm will enable BASF to implement 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.

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Philipp Roßkopf
Corporate Media Relations
Automobil, Kunststoffe
Birgit Hellmann
Global Sustainability Communications
Last Update 1 September 2021