OWC advises BASF on Hollandse Kust Zuid acquisition

4C Offshore | Tom Russell
By: 20/07/2021 OWC
Offshore wind consultancy OWC has conducted full technical due diligence of the 1.5 GW Hollandse Kust Zuid offshore wind farm to support BASF’s acquisition of a 49.5 percent ownership share in the project.

OWC undertook a full scale technical due diligence of the project, including analysing the design, supply and construction contracts, assessing the technical risks that could impact the projects profitability, from the non-binding offer to preferred bidder stage.

“OWC’s experience in supporting the development and construction of offshore wind farms in Europe, Asia and the US, gives our due diligence team the know-how necessary to successfully translate technical risks into the necessary commercial considerations during a transaction process,”
said Wilhelm Sander, Managing Director of OWC in Germany.

“This project is part of BASF’s strategy to reduce the emission of its operations and a step towards achieving carbon neutrality. We are delighted to have been able to provide advice and support during this competitive process. As it is BASF’s first offshore wind project, which includes the construction risk associated with such a large build-out, it is important to choose the right advisors,”
added Sander.

The project 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. The project is expected to be fully operational in 2023.

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