German multinational chemical company BASF has completed the acquisition of 49.5% of the 1.5GW offshore wind farm Hollandse Kust Zuid from Sweden-based Vattenfall.
Construction of the wind farm in the Dutch North Sea started in July, with he subsidy-free offshore wind farm expected to become fully operational in 2023.
BASF said Wednedsay that the closing of the acquistioin, originally expected for the fourth quarter of 2021, was completed earlier than planned.
Under the agreement BASF and Vattenfall had signed in June 2021, the purchase price amounts to 300 million euros. Including BASF’s contribution to fund the wind farm construction, BASF’s total commitment amounts to around €1.6 billion.
BASF plans to reduce its investment by selling shares to a financial co-investor. The company has aleady started the process.
Once operational, the wind farm will be the largest offshore wind farm in the worldwith a total installed capacity of 1.5 gigawatts.
"The electricity from the wind farm will enable BASF to implement innovative, low-emission technologies at several of its production sites in Europe. Another significant part of the electricity production is reserved for Vattenfall’s Dutch customers," BASF said.
The offshore wind farm will consist of 140 turbines of 11 MW, with rotor diameter of 200 metres.
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