BASF sells half of newly acquired Hollandse Kust Zuid

German BASF has entered an agreement to sell 25.2 percent of Dutch offshore wind park Hollandse Kust Zuid to German financial services company Allianz.

Photo: Vattenfall

In late June, BASF acquired 49.5 percent of offshore wind park Hollandse Kust Zuid from Vattenfall.

The German chemical group now readies to sell just over half of its stake to Allianz Capital Partners, on behalf of Allianz Insurance Companies, informs BASF in an announcement.

The group doesn't disclose the selling price of the 25.2 percent stake, but back in June, BASF paid EUR 300m for the 49.5 percent share of the Dutch wind park.

Here, BASF also committed to a total investment of around EUR 1.6bn in the offshore wind park.

The plan was for BASF to use the equity position to support the company's production of chemicals at factories across Europe with green electricity.

This remains the plan, as BASF will receive most of the power produced by its originally acquired share of 49.5 percent under a long-term power purchase agreement once the wind park commissions in 2023.

Hollandse Kust Zuid will be comprised of 140 Siemens Gamesa turbines and have a combined capacity of 1.5GW.

BASF informs that the closing of the transaction is expected in the first quarter of 2022 depending on control approvals.

Vattenfall sells 150MW project to OX2

Aker Offshore Wind takes "key strides" in Q3 

More from EnergyWatch

Norway awards more than 50 new oil licenses

Norwegian oil giant Equinor has received almost half of the new licenses on the Norwegian continental shelf where there is still significant interest in new oil and gas deposits.

Further reading

Related articles

Latest News

See all jobs