Wind energy – Hollandse Kust Zuid
Vattenfall and BASF have agreed the sale of 49.5% of Vattenfall’s offshore wind farm Hollandse Kust Zuid (HKZ) in the Netherlands.
Once fully commissioned it will be the largest offshore wind farm in the world and also the first one ever to be built without subsidies for the power produced.
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.
The purchase price for the agreed share of BASF 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. Once fully operational, the wind farm will be the largest offshore wind farm in the world with 140 wind turbines and a total installed capacity of 1.5 Gigawatt.