Stake Transaction

On 6 December 2021, Allianz Capital Partners (ACP), acting on behalf of Allianz insurance companies, and BASF agreed that ACP would acquire a 25.2% stake in the 1.5 GW Hollandse Kust Zuid offshore wind farm in the Dutch North Sea from BASF. The transaction was Allianz's first equity offshore wind investment and its first renewable energy equity investment in the Netherlands. Following completion, the ownership of the project sat with Vattenfall (50.5%), BASF (24.3%, retained for accounting via the equity method) and Allianz (25.2%). BASF retained the right to most of the power generated through the originally acquired 49.5% via a long-term fixed-price corporate PPA. The closing was conditional on merger-control approvals and was expected to complete in the first quarter of 2022; subsequent reporting confirmed completion on 12 April 2022. Financial terms of the Allianz transaction were not disclosed.