The Urethane Blog

BASF Invests in Wind

BASF buys 49.5% of Vattenfall Dutch offshore wind farm for €300M

Jun. 24, 2021 9:17 AM ETBASF SE (BASFY)By: Carl Surran, SA News Editor1 Comment

Offshore wind power and energy farm with many wind turbines on the ocean
NiseriN/iStock via Getty Images
  • BASF (OTCQX:BASFY) agrees to acquire a 49.5% stake in the Hollandse Kust Zuid offshore wind farm from Swedish utility Vattenfall for €300M ($358M), as the company raises its investments in renewable energy to offset carbon emissions at production sites across Europe.
  • Construction of the wind farm will start in July, with the project expected to become fully operational in 2023, pending approval by authorities.
  • The project, which includes 140 wind turbines and a total capacity of 1.5 GW, will become the world’s largest wind farm and supply power to BASF’s plant in Antwerp, Belgium, and other European sites.
  • BASF and German utility RWE last month announced a potential €4B offshore wind project.