Allianz Capital Partners has bought a stake in what will become the largest offshore windfarm in the world, on behalf of Allianz group insurance companies.
The purchase of 25.2% stake in Hollandse Kust Zuid (HKZ) from BASF is Allianz’s first investment in a Dutch offshore windfarm and its first equity investment in the Dutch renewables market.
The insurance group and fund manager already has equity investments in more than 100 wind and solar farms in Austria, Finland, France, Germany, Italy, Poland, Portugal, Sweden and the US.
HKZ, in the North Sea off the coast of Noordwijk, is under construction and is expected to become fully operational in 2023, with 140 wind turbines and a total installed capacity of 1.5GW.
German conglomerate BASF sold the stake and has entered a long-term, fixed-price corporate power purchasing agreement.
“We are delighted about our first offshore wind investment and our first renewables investment in the Netherlands,” said Carsten Quitter, group CIO of Allianz.
“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.”