BASF seals deal to buy into gigascale Vattenfall offshore wind to power chemicals complex
Chemicals giant to buy almost half of 1.6GW Nordlicht 1 and 2 offshore wind projects in the German North Sea
BASF has agreed to buy 49% of Vattenfall’s Nordlicht 1 and 2 offshore wind projects in the North Sea for an undisclosed amount and intends to use its share from the power it produces for its giant chemicals power complex in Ludwigshafen, Germany.
“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,” BASF chairman Martin Brudermüller said.
“Together with our long-standing partner Vattenfall, we are creating the conditions for achieving our 2030 targets of 25% less emissions compared to 2018."
Once fully operational, electricity production is expected to reach around 6TWh per year, which is equivalent to the electricity consumption of 1.6 million German households.
A final final investment decision is expected in next year, with construction of Nordlicht 1 and 2 slated to start in 2026. The wind farms are expected to be fully operational in 2028.
“Offshore wind energy is an essential contributor to the energy transition in Europe and is expected to replace fossil fuels on a large scale,” Vattenfall CEO Anna Borg said.
“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.”
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