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BASF buys 49.5% of Hollandse Kust Zuid

By: Tom Russell 24/06/2021 Vattenfall

General Windfarms

Vattenfall and BASF have agreed the sale of 49.5% of Vattenfall’s offshore wind farm Hollandse Kust Zuid (HKZ) in the Netherlands. Once fully commissioned, it will be one of the largest offshore wind farm in the world and also the one of the first to be built without subsidies for the power produced.

The purchase price for the agreed share of BASF amounts to €0.3 billion and takes into account the achieved status of the project. Including BASF’s contribution to fund the wind farm construction, BASF’s total commitment amounts to around €1.6 billion. Closing of the transaction is expected in the fourth quarter of 2021, subject to the approval of the relevant authorities.

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. They 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.

Vattenfall will use Hollandse Kust Zuid to supply fossil free electricity to its customers in the Netherlands. BASF will use its electricity share to support chemical production in sites across Europe.

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.

BASF is acquiring the electricity from the wind farm for its ownership share through a long-term power purchase agreement. It will enable BASF to implement innovative, low-emission technologies at several of its production sites in Europe. BASF’s Antwerp Verbund site will benefit from the renewable power.

“This wind farm will be an important building block to supply our Antwerp Verbund site and other European sites with renewable electricity It is the first major investment of BASF in facilities for renewable power. With this investment we are securing significant volumes of electricity from renewable sources for BASF, which is a key element of our transformation towards climate neutrality”, said Dr. Martin Brudermüller, Chairman of the Board of Executive Directors of BASF SE.

“Vattenfall and BASF share a common objective of phasing out greenhouse gas emissions from our operations. With this cooperation, Vattenfall once more proves that partnerships with industries are a key element to accelerate the European energy transition across sectors. I am particularly proud that we can do this, while at the same time securing the delivery of fossil-free electricity to our Dutch customers,” said Anna Borg, President and CEO of Vattenfall.

“Vattenfall and BASF are long-standing partners. With this truly European project we take a further step in strengthening our partnership. Together we will make a positive impact on the climate, on our businesses, and we will continue to look for future opportunities for cooperation”, said Borg and Brudermüller.

For more information on offshore wind farms worldwide, click here.

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BASF buys 49.5% of Hollandse Kust Zuid

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