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Allianz Capital Partners acquires interest in Hollandse Kust Zuid

By: Tom Russell 06/12/2021 Allianz Capital Partners

General Windfarms

Allianz Capital Partners, on behalf of Allianz Insurance Companies (Allianz), has signed an agreement to purchase a 25.2% stake in the Hollandse Kust Zuid (HKZ) wind farm from BASF.

As agreed in a long-term fixed-price corporate power purchasing agreement BASF will receive most of the power originating from the overall 49.5% share of Allianz and BASF in HKZ.

“We are delighted about our first offshore wind investment and our first renewables investment in the Netherlands. We look forward to supporting jointly with our partners this ambitious project which will play a major role in the green energy supply of Europe. With this investment we will further drive the energy transition towards renewables,” said Carsten Quitter, Group CIO of Allianz.

“We are very pleased to be partnering with BASF with regards to this opportunity. BASF is providing a long-term fixed-price power purchasing agreement for the project which will ensure a strong contracted revenue stream for many years to come,” said Andrew Cox, Co-Head of Infrastructure at Allianz Capital Partners.

The transaction is subject to merger control approvals and is expected to close in Q1 2022.

The Hollandse Kust Zuid wind farm zone consists of two sites, Hollandse Kust Zuid 1&2 and Hollandse Kust Zuid 3&4, and is being developed by Vattenfall which secured the rights to the projects with subsidy free bids in March 2018 and July 2019. In July, BASF and Vattenfall announced the signing of a contract for the sale of 49.5% of interest in the site to BASF.

The wind farms are located between 18 and 36 kilometers off the Dutch coast, between The Hague and Zandvoort. They will be fitted with 140 units of Siemens Gamesa 11 MW, SG 11.0-200 DD offshore turbines. Once the wind farm is operational, the 140 wind turbines will produce more than 6 TWh of green electricity annually.

Offshore construction of the wind farm will start in July 2021. Once fully operational, the wind farm will be the largest offshore wind farm in the world with 140 wind turbines and a total installed capacity of 1.5 GW. The Hollandse Kust Zuid wind farm will also be one of the first offshore wind farms in the world which does not receive any price subsidies for the power produced. The project is expected to become fully operational in 2023.

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Allianz Capital Partners acquires interest in Hollandse Kust Zuid

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