Allianz Capital Partners, on behalf of Allianz Insurance Companies (“Allianz”), has signed an agreement to purchase from BASF a 25.2% stake in the windfarm Hollandse Kust Zuid (“HKZ”). This is the first offshore wind and first equity renewables investment of Allianz in the Netherlands.

Once fully operational, HKZ will be the largest offshore wind farm in the world with 140 wind turbines and a total installed capacity of 1.5 GW. The project is located in the North Sea, offshore of the coast of Noordwijk in the Netherlands which is 30km away from The Hague. Construction works for HKZ have already started. The project is expected to become fully operational in 2023. As agreed in a long-term fixed-price corporate power purchasing agreement BASF will receive most of the power originating from the overall 49.5% share of Allianz and BASF in HKZ.

“We are delighted about our first offshore wind investment and our first renewables investment in the Netherlands. We look forward to supporting jointly with our partners this ambitious project which will play a major role in the green energy supply of Europe. With this investment we will further drive the energy transition towards renewables,” says Carsten Quitter, Group CIO of Allianz.

“We are very pleased to be partnering with BASF with regards to this opportunity.  BASF is providing a long-term fixed-price power purchasing agreement for the project which will ensure a strong contracted revenue stream for many years to come,” adds Andrew Cox, Co-Head of Infrastructure at Allianz Capital Partners. 

The transaction is subject to merger control approvals and is expected to close in Q1 2022.

Allianz’s equity investments in the renewable energy sector currently amount to over 100 wind parks and solar farms located in Austria, Finland, France, Germany, Italy, Poland, Portugal, Sweden, and the United States.