BASF to Sell 25.2% Stake in Offshore Wind-Farm Project to Allianz
December 06 2021 - 4:55AM
Dow Jones News
By Giulia Petroni
BASF SE said Monday that it has agreed to sell a 25.2% stake in
a wind farm project off the coast of the Netherlands to Allianz SE
for an undisclosed sum.
The German chemicals conglomerate had previously said it was
planning to reduce its investment in the Hollandse Kust Zuid farm
by selling shares to a co-investor. The agreement was made by asset
manager Allianz Capital Partner on behalf of Allianz Insurance
Companies.
Closing of the transaction, which is subject to merger
approvals, is expected in the first quarter of next year. After
that, BASF said it will consolidate its remaining 24.3%
participation at equity.
The wind farm is expected to become fully operational in 2023
and set to have a total installed capacity of 1.5 gigawatts. BASF
acquired a 49.5% in the project from Vattenfall Group in
September.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
December 06, 2021 04:40 ET (09:40 GMT)
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