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BASF completes Hollandse Kust Zuid buy

By: Tom Russell 02/09/2021 BASF

General Windfarms

Following the approval of all relevant authorities, BASF has 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.

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.

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.

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

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BASF completes Hollandse Kust Zuid buy

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