BASF acquires 49% stake in Vattenfall's Germany’s Nordlicht offshore wind farms

BASF acquires 49% stake in Vattenfall's Germany’s Nordlicht offshore wind farms

Additional offshore wind farms in the German North Sea with a combined capacity of 1.6 gigawatts

  • By ICN Bureau | April 23, 2024

Vattenfall and BASF have agreed on the sale of 49 percent of Vattenfall’s Nordlicht 1 and 2 wind farms to BASF.

The Nordlicht wind project is being built in the German North Sea without state subsidies and, with a total installed capacity of 1.6 gigawatts, will be the largest offshore wind farm project in realization for Vattenfall to date.

Vattenfall is responsible for developing and constructing the Nordlicht sites and intends to use its share of future electricity generation to supply customers in Germany with fossil-free electricity. BASF will use its 49 percent share of electricity to supply its chemical production sites in Europe, especially in Ludwigshafen.

Nordlicht is already Vattenfall’s second major offshore wind project in which BASF is participating as a partner. In 2021, BASF acquired almost half of the shares in the Hollandse Kust Zuid offshore wind farm in the Dutch North Sea.

Martin Brudermüller, Chairman of the Board of Executive Directors of BASF: “BASF remains on track with its transformation. With the investment in Nordlicht 1 and 2, we will now have the necessary amounts of renewable energy to implement the next steps of the transformation in Europe, especially at our largest site in Ludwigshafen. Together with our long-standing partner Vattenfall, we are creating the conditions for achieving our 2030 target of reducing our scope 1 and 2 emissions by 25 percent compared to 2018.”

Anna Borg, President and CEO of Vattenfall, said: “Offshore wind energy is an essential contributor to the energy transition in Europe and is expected to replace fossil fuels on a large scale. Partnerships play a crucial role in transforming European industries, while strengthening competitiveness. We are pleased to deepen our relationship with BASF for yet another important offshore wind project – and in this way accelerate the journey to fossil freedom together.”

The parties have agreed not to disclose the financial details of the transaction.

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