BASF to Buy Stake in German Offshore Wind Farms From Vattenfall — Update
By Mauro Orru and Dominic Chopping
BASF agreed to buy a stake in two offshore wind farms from Swedish state-owned utility group Vattenfall to supply its chemical production sites in Europe, particularly in Ludwigshafen.
The German chemicals giant said Monday that the agreement is for a 49% stake in the Nordlicht 1 and 2 wind farms, located 85 kilometers north of the island of Borkum in the North Sea. The companies didn't disclose financial details.
The wind farms being built by Vattenfall have a combined capacity of 1.6 gigawatts. Vattenfall plans to supply customers with fossil-free electricity.
This marks the second project the two companies will partner on, following a 2021 deal that saw BASF acquire almost half of the shares in the Hollandse Kust Zuid offshore wind farm in the Dutch North Sea.
Subject to the final investment decision, which is expected in 2025, construction of Nordlicht 1 and 2 is expected to begin in 2026. The wind farms are expected to be fully operational in 2028.
Write to Mauro Orru at mauro.orru@wsj.com and Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
April 22, 2024 09:49 ET (13:49 GMT)
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