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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