BASF’s Agreement With Vattenfall For Hollandse Kust Zuid

Clifford Chance has advised Vattenfall N.V. and Vattenfall Duurzame Energie N.V. on the deal, while DLA Piper has advised BASF.

Vattenfall signed an agreement with BASF for the sale of 49.5 percent of the offshore wind farm Hollandse Kust Zuid. Once fully commissioned, Hollandse Kust Zuid will be the largest offshore wind farm in the world, with 140 wind turbines and a total installed capacity of 1.5 GW, and will be the first ever to be built without subsidies for the power produced.

BASF’s total commitment to fund the construction amounts to around EUR 1.6 billion. The Clifford Chance team advised on the full suite of the sell side process, agreements for management of construction and operations, the offtake structure and regulatory aspects.

Vattenfall will use Hollandse Kust Zuid to supply fossil free electricity to its customers in the Netherlands. BASF will use its electricity share to support chemical production in sites across Europe. The wind farm will also support the Netherlands in reaching its target share of renewable power generation and greenhouse gas reduction targets, making it an important project from the energy transition- and ESG point of view.

Deutsche Bank under the leadership of Johannes Hermanns and Torsten Wilberg acted as investment bank for BASF on this project.

The international Clifford Chance team was led out of Amsterdam by Hein Tonnaer (Picture) and Liesbeth Buiter, and consisted of Jeroen Thijssen, Tim Heerschop, Katja Busuladžic, Carlijn Tenge, Philip Walsh, Michiel Sunderman, Stern Flik, Polly Huls, Laura Stegeman, Frans Muller, Nanette Rutgers, Jaap Koster, Jasper Wesselman, Rutger Dekker, Thomas Heijerman, Genia Baardman and Mariam Al-Zubaidy in Amsterdam, James Pay, Felicity Ward, Leonhard Rudolph and Samiha Bham in London, and Björn Heinlein and Zaid Mansour in Düsseldorf.

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

Also involved were from the Amsterdam office partners Richard Fens (Corporate) and Gerard Kneppers (Finance and Projects) as well as lawyers Laura Smit (Corporate), Martijn van Wanroij, Arjen de Snoo (both Litigation and Regulatory) and Marijn van der Wal, from the Leeds office partner Natasha Luther-Jones and associates Sophie Linnell and Tom Metcalfe (all Finance and Projects), from the London office partner Sarah Thomas (Real Estate) and from the office in Vienna partner Andreas Gunst and senior associate Kenneth Wallace-Müller (both Finance and Projects).

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

Involved fees earner: Mariam Al-Zubaidy – Clifford Chance; Samiha Bham – Clifford Chance; Liesbeth Buiter – Clifford Chance; Katja Busuladži? – Clifford Chance; Rutger Dekker – Clifford Chance; Stern Flik – Clifford Chance; Tim Heerschop – Clifford Chance; Thomas Heijerman – Clifford Chance; Björn Heinlein – Clifford Chance; Polly Huls – Clifford Chance; Jaap Koster – Clifford Chance; Zaid Mansour – Clifford Chance; Frans Muller – Clifford Chance; James Pay – Clifford Chance; Leonhard Rudolph – Clifford Chance; Nanette Rutgers – Clifford Chance; Laura Stegeman – Clifford Chance; Michiel Sunderman – Clifford Chance; Carlijn Tenge – Clifford Chance; Jeroen Thijssen – Clifford Chance; Hein Tonnaer – Clifford Chance; Philip Walsh – Clifford Chance; Felicity Ward – Clifford Chance; Jasper Wesselman – Clifford Chance; Enno Ahlenstiel – DLA Piper; Sergej Bräuer – DLA Piper; Michael Cieslarczyk – DLA Piper; Philipp Clemens – DLA Piper; Wolfram Distler – DLA Piper; Richard Fens – DLA Piper; Andreas Gunst – DLA Piper; Gerard Kneppers – DLA Piper; Sophie Linnell – DLA Piper; Natasha Luther-Jones – DLA Piper; Martijn van Wanroij – DLA Piper; Tom Metcalfe – DLA Piper; Semin O – DLA Piper; Christopher Ollech – DLA Piper; Benjamin Parameswaran – DLA Piper; Carlos Robles y Zepf – DLA Piper; Laura Smit – DLA Piper; Sarah Thomas – DLA Piper; Marijn van der Wal – DLA Piper; Kenneth Wallace-Mueller – DLA Piper; Arjen de Snoo – Houthoff;

Law Firms: Clifford Chance; DLA Piper; Houthoff;

Clients: BASF; Vattenfall;

Author: Federica Tiefenthaler