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DLA Piper advises BASF on the acquisition of 49,5% stake in offshore wind farm Hollandse Kust Zuid from Vattenfall

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DLA Piper has suggested BASF on the acquisition of 49,5% of Vattenfall’s offshore wind farm Hollandse Kust Zuid in The Netherlands. The buy value quantities to EUR300 million and takes under consideration the achieved standing of the mission. Including BASF’s contribution to fund the wind farm development, BASF’s complete dedication on this mission quantities to round EUR1.6 billion. Closing of the transaction is predicted within the fourth quarter of 2021, topic to the approval of the pertinent authorities. Offshore development of the wind farm will begin in July 2021.

Once totally operational, the wind farm would be the largest offshore wind farm on the earth with 140 wind generators and a complete put in capability of 1.5 Gigawatt. The Hollandse Kust Zuid wind farm will even be the primary totally service provider offshore wind farm on the earth which doesn’t obtain any value subsidies for the ability produced. The mission is predicted to develop into totally operational in 2023. BASF is getting the electrical energy from the wind farm for its possession share via a long-term energy buy agreement. It will allow BASF to implement modern, low-emission applied sciences at a number of of its manufacturing sites in Europe.

BASF goals to cut back its greenhouse fuel emissions by 25% by the yr 2030 and obtain net-zero emissions by 2050. One necessary lever to additional deliver down emissions is changing fossil-based electrical energy with fossil free electrical energy. BASF will safe the required quantities of renewable energy via a “make and buy” approach. This contains the intention to usher in monetary co-investors to this mission permitting for an environment friendly use of capital.

“We are grateful to the international DLA Piper team around Ben and Carlos for having provided excellent legal advice to BASF on yet another highly strategic and complex cross-border transaction and for having worked again in a fully integrated manner with the BASF Legal and M&A teams”, says Matt Lepore, General Counsel of BASF SE.

The global DLA Piper staff was collectively led by companions Dr Benjamin Parameswaran (Hamburg) and Carlos Robles y Zepf (Frankfurt, each Corporate/M&A). The core staff additionally included companions Michael Cieslarczyk (Energy Law, Cologne), Dr Wolfram Distler (Finance and Projects) and Semin O (Antitrust, each Frankfurt), counsel Dr Philipp Clemens (Corporate/M&A, Hamburg), Sergej Bräuer (Frankfurt) and Dr Enno Ahlenstiel (each Antitrust) as well as senior associates Christopher Ollech (Energy Law, Cologne) and Friederike Rickers (Corporate/M&A, Hamburg).

Also intertwined had been from the Amsterdam workplace companions Richard Fens (Corporate) and Gerard Kneppers (Finance and Projects) as well as attorneys Laura Smit (Corporate), Martijn van Wanroij, Arjen de Snoo (each Litigation and Regulatory) and Marijn van der Wal, from the Leeds workplace associate Natasha Luther-Jones and associates Sophie Linnell and Tom Metcalfe (all Finance and Projects), from the London workplace associate Sarah Thomas (Real Estate) and from the workplace in Vienna associate Andreas Gunst and senior affiliate Kenneth Wallace-Müller (each Finance and Projects).

The in-house authorized staff at BASF for this transaction was led by Dr Georg Franzmann and Dr Stefan Rothweiler and additional included Dr. Holger Pattberg, Andrea Schreiber, Tarec Alio, Stephan Purps and Coert Becx.

Deutsche Bank under the management of Johannes Hermanns and Torsten Wilberg acted as funding financial institution for BASF on this mission.

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