BASF takes stake in Hollandse Kust Zuid wind farm

BASF has agreed to acquire a 49.5% stake from Vattenfall in the Hollandse Kust Zuid (HKZ) offshore wind farm in the Dutch North Sea for €300 million (US$358 million).

The transaction, expected to close in 4Q, takes into account the achieved status of the project. Including BASF’s contribution to funding construction, the group’s total commitment will be around €1.6 billion (US$1.91 billion).

Offshore construction is due to start next month. According to BASF, this will be the world’s largest offshore wind farm to date with 140 wind turbines, 18-36 km (11.2-22.3 miles) from the coast, with a total installed capacity of 1.5 GW, and no price subsidies received for the power produced.

It is due to become fully operational in 2023, with a large part of the electricity production reserved for Vattenfall’s Dutch customers.

Another user will be BASF’s Antwerp Verbund site, said to be the largest chemical production complex in Belgium and the second largest BASF Group site worldwide.

Supply to other BASF sites in Europe will depend on further development of regulations for renewable energy.

Source: Offshore Magazine