Vattenfall has reached an agreement to sell a 49% stake in its Nordlicht 1 and 2 wind farms to chemical powerhouse BASF. The Nordlicht project, situated in the German North Sea, is being developed without state subsidies and is set to become Vattenfall's largest offshore wind farm to date, boasting a combined installed capacity of 1.6GW.
The Nordlicht wind farm area, located 85 kilometers north of the island of Borkum, comprises two distinct sites: Nordlicht 1 with an approximate capacity of 980MW and Nordlicht 2 with around 630MW. Upon completion, the wind farms are anticipated to generate approximately 6TWh of electricity annually, catering to the power needs of roughly 1.6 million German households.
Vattenfall will oversee the development and construction of the Nordlicht sites, with plans to utilize its share of future electricity production to supply German customers with fossil-free energy. Meanwhile, BASF intends to utilize its stake to power its chemical production facilities across Europe, notably in Ludwigshafen.
This marks BASF's second significant investment in Vattenfall's offshore wind projects, following its acquisition of nearly half of the shares in the Hollandse Kust Zuid offshore wind farm in the Dutch North Sea in 2021.
Martin Brudermüller, Chairman of the Board of Executive Directors of BASF, underscored the company's commitment to its transformation journey, stating, “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 and especially at our largest site in Ludwigshafen. Together with our long-standing partner Vattenfall, we are creating the conditions for achieving our 2030 targets of 25% less emissions compared to 2018.”
Anna Borg, President and CEO of Vattenfall, emphasized the significance of offshore wind energy in Europe's energy transition and welcomed the deepening partnership with BASF. She commented, “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 that way accelerate the journey to fossil freedom together.”
