25 June 2021
- Hein Tonnaer, Liesbeth Buiter, Jeroen Thijssen, Tim Heerschop, Carlijn Tenge, Philip Walsh, Michiel Sunderman, Stern Flik, Laura Stegeman, Jaap Koster, James Pay, Samiha Bham, Björn Heinlein, Zaid Mansour
- Amsterdam, London, Düsseldorf
Clifford Chance advises Vattenfall in relation to the sale of a 49.5% stake in the 1.5 GW offshore wind farm Hollandse Kust Zuid, the largest offshore wind farm in the world once commissioned
Clifford Chance has advised leading European energy company Vattenfall N.V. and Vattenfall Duurzame Energie N.V. ("Vattenfall") in relation to the agreement with BASF on the sale of 49.5 percent of the offshore wind farm Hollandse Kust Zuid. Once fully commissioned, Hollandse Kust Zuid will be the largest offshore wind farm in the world, with 140 wind turbines and a total installed capacity of 1.5 GW, and will be the first ever to be built without subsidies for the power produced.
BASF’s total commitment to fund the construction amounts to around EUR 1.6 billion. The Clifford Chance team advised on the full suite of the sell side process, agreements for management of construction and operations, the offtake structure and regulatory aspects.
Vattenfall will use Hollandse Kust Zuid to supply fossil free electricity to its customers in the Netherlands. BASF will use its electricity share to support chemical production in sites across Europe. The wind farm will also support the Netherlands in reaching its target share of renewable power generation and greenhouse gas reduction targets, making it an important project from the energy transition- and ESG point of view. Read more information about Vattenfall.
This transaction builds on Clifford Chance's market-leading Project Finance practice and sector expertise in renewable energy. The international Clifford Chance team was led out of Amsterdam by Hein Tonnaer and Liesbeth Buiter, and consisted of Jeroen Thijssen, Tim Heerschop, Katja Busuladžić, Carlijn Tenge, Philip Walsh, Michiel Sunderman, Stern Flik, Polly Huls, Laura Stegeman, Frans Muller, Nanette Rutgers, Jaap Koster, Jasper Wesselman, Rutger Dekker, Thomas Heijerman, Genia Baardman and Mariam Al-Zubaidy in Amsterdam, James Pay, Felicity Ward, Leonhard Rudolph and Samiha Bham in London, and Björn Heinlein and Zaid Mansour in Düsseldorf.