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Offshore wind farm Hollandse Kust Zuid goes to Allianz at 25.2%. BASF reduces shares.

Hollandes Kust Zuid will be the world's largest offshore wind farm when fully commissioned in 2023 with a total installed capacity of 1.5 gigawatts. The project is being managed by Vattenfall. The wind farm consists of 140 wind turbines.

Source: PixabaySource: Pixabay

On September 1, 2021, BASF acquired 49.5 percent of HKZ from Vattenfall. Now an agreement has been reached with Allianz Capital Partners on behalf of Allianz Insurance Companies (Allianz) to reduce this share. Allianz will take over 25.2 percent of the Hollandse Kust Zuid wind farm.

In a press release issued today, BASF announced that it is reducing its stake in Hollandes Kust Zuid by selling shares to a financial investor. The closing of the transaction with Allianz is subject to merger control approvals. After the closing, expected in the first quarter of 2022, BASF will account for its remaining 24.3 percent stake using the equity method.

BASF will continue to receive the majority of the electricity generated from its 49.5 percent stake originally acquired in HKZ on the basis of a long-term fixed-price power purchase agreement.

Windfair editors
Hollandes Kust Zuid, BASF, Allianz, Vattenfall, offshore, wind farm, turbine, wind energy, wind power

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