BASF announces that it has reached an agreement with Vattenfall to sell 49% of its Nordlicht 1 and 2 wind farms to BASF.

The Nordlicht wind project will be built in the German North Sea without public subsidies, and will have a total installed capacity of 1.6 gigawatts.

It is Vattenfall's largest offshore wind farm project to date.

Vattenfall will be responsible for the development and construction of the Nordlicht sites. The company will use its share of future electricity production to supply green (fossil-free) electricity to its German customers.

For its part, BASF will use its 49% share to supply its chemical production sites in Europe, notably in Ludwigshafen (Germany).

'Thanks to this investment, we will have the necessary quantities of renewable energy to implement the next stages of the transformation in Europe, particularly at our largest site in Ludwigshafen', explained Martin Brudermüller, Chairman of BASF's Board of Directors.

Subject to the final investment decision (expected in 2025), construction of the Nordlicht 1 and 2 wind farms is scheduled to start in 2026, with commissioning planned for 2028.

The parties have agreed not to disclose the financial details of the transaction.

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