Vattenfall and BASF have agreed the sale of 49.5% of Vattenfall’s offshore wind farm Hollandse Kust Zuid (HKZ) in the Netherlands. The purchase price 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. Offshore construction of the wind farm will start in July 2021 and will consist of 140 wind turbines with a total installed capacity of 1.5GW. The project is expected to become fully operational in 2023. 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.