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BASF to pay €1.6Bn for green power from offshore windfarm
Vattenfall is to sell 49.5% of the Hollandse Kust Zuid offshore windfarm in the Netherlands to chemicals giant BASF
BASF will use electricity generated by the windfarm at its chemicals production sites in Europe.
The purchase price is €0.30Bn (US$0.36Bn), but BASF is also making a contribution to the construction of the windfarm, raising its total commitment to around €1.6Bn. Closing of the transaction is expected in Q4 2021, subject to the approval of the relevant authorities.
Construction of Hollandse Kust Zuid will start in July 2021. Once fully operational, the windfarm will be the largest in the world, with 140 wind turbines and a total installed capacity of 1.5 GW. Hollandse Kust Zuid is also the first fully merchant offshore windfarm and is being built entirely without subsidies. It is expected to become fully operational in 2023.
BASF said the agreement will enable it to implement low-emissions technology at several of its production sites in Europe. BASF’s Antwerp Verbund site will benefit from being supplied with renewable power to a significant extent. The site is the largest chemical production site in Belgium and the second largest BASF site worldwide.
BASF chairman Dr Martin Brudermüller said, “This windfarm will be an important building block to supply our Antwerp Verbund site and other European sites with renewable electricity. It is the first major investment of BASF in facilities for renewable power. With this investment we are securing significant volumes of electricity from renewable sources, which is a key element of our transformation towards climate neutrality.”
BASF aims to reduce its greenhouse gas emissions by 25% by 2030 and achieve net-zero emissions by 2050. One important lever to reduce emissions is replacing fossil-based electricity with electricity from renewables.
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