(CercleFinance.com) – BASF announces an agreement with Vattenfall providing for the latter to sell 49% of its Nordlicht 1 and 2 wind farms to BASF.
The Nordlicht wind project will be built in the German North Sea without public subsidies and will have a total installed capacity of 1.6 gigawatts.
This is the largest offshore wind farm project carried out by Vattenfall to date.
Vattenfall will be responsible for the development and construction of the Nordlicht sites. The company will use its share of future electricity generation to provide green (fossil fuel-free) electricity to its German customers.
For its part, BASF will use its 49% to supply its chemical production sites in Europe, particularly in Ludwigshafen (Germany).
‘Thanks to this investment we will have the quantities of renewable energy necessary to implement the next stages of the transformation in Europe, in particular at our largest site in Ludwigshafen’, explained in substance Martin Brudermüller, chairman of the board of administration of BASF.
Subject to the final investment decision (expected in 2025), the construction of the Nordlicht 1 and 2 parks should begin in 2026 with commissioning scheduled for 2028.
The parties have agreed not to disclose the financial details of the transaction.
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