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Germany’s BASF takes 49% stake in planned Vattenfall offshore project

In World
April 22, 2024
A logo of the chemical company BASF is seen on a large storage container at the main plant. Uwe Anspach/Deutsche Presse-Agentur GmbH/dpa

A logo of the chemical company BASF is seen on a large storage container at the main plant. Uwe Anspach/Deutsche Presse-Agentur GmbH/dpa

German chemicals giant BASF is to take a 49% stake in a planned offshore windfarm being built in the North Sea by Sweden’s Vattenfall power generator, the two companies announced on Monday.

BASF, one of the world’s largest chemicals producers, will own half the electricity generated by Nordlicht 1 and 2 for use at its production sites in Europe. Its Ludwigshafen headquarters on the Rhine in Germany will benefit in particular.

Vattenfall is to build the windfarms, raising the renewables proportion in its portfolio.

No details on price were released.

In 2021, BASF took a 49.5% stake in Vattenfall’s Hollandse Kust Zuid wind farm off the Dutch coast. This project puts out a total of 1.5 gigawatts, similar to the generation expected from Nordlicht.

It paid €300 million ($320 billion) for the purchase and contributed €1.6 billion to construction costs.

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