BASF and Vattenfall Group have initiated advanced and exclusive discussions to form a partnership for two German offshore wind farms. A memorandum of understanding has been signed, outlining the sale of 49% of the project shares to BASF.
The offshore wind farms, known as Nordlicht 1 and 2, are strategically situated approximately 85 kilometers north of the island of Borkum in the German North Sea. With a capacity of 980 megawatts and 630 megawatts respectively, Nordlicht 1 and 2 are set to make significant contributions to renewable energy production.
Vattenfall plans to utilize its share of the electricity generated by the wind farms to meet the energy needs of its German customers. Meanwhile, BASF aims to leverage almost half of the project's produced electricity to power its European production sites, with Ludwigshafen being a key beneficiary.
The finalization of the agreement is anticipated in the first half of 2024. Further, a final investment decision is projected for 2025, paving the way for construction to commence in 2026. Once operational, these wind farms will truly come to life in 2028.
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