BASF to buy 49 percent of Vattenfall’s Nordlicht wind farms

BASF to buy 49 percent of Vattenfall’s Nordlicht wind farms

THE WHAT? BASF has agreed to buy 49 percent of Vattenfall’s Nordlicht 1 and 2 wind farms for an undisclosed sum. The Nordlicht wind project is being built in the German North Sea without state subsidies and boasts a total installed capacity of 1.6 gigawatts – Vattenfall’s largest offshore wind farm to date.

THE DETAILS 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.

THE WHY? 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.”